Autodesk shares rose 4.7% after The Wall Street Journal reported that activist investor Starboard Value has taken a roughly $500 million stake in the company and is seeking reforms. Starboard Value wants Autodesk to improve its profit margins and reform its board, people familiar with the matter told the paper.
Microsoft rose 0.1% to $443.10 in premarket trading. Wedbush analysts raised their price target on Microsoft to $550 from $500, saying the move reflects “recently strengthening AI customer checks with the Copilot and Azure monetization wave now on Microsoft’s doorstep.” Wedbush maintained an outperform rating on the stock.
Electronics retailer Best Buy’s shares rose 4% to $90.70 after UBS upgraded them to buy from neutral and raised their price target to $106 from $85.
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Building materials maker Louisiana-Pacific’s shares fell 4.5% to $87.99 after analysts at Goldman Sachs downgraded the stock to “sell” from “neutral” and cut their price target to $81 from $89.
Television broadcasting and production company AMC Networks Inc.’s shares fell 11% after the company filed to sell $125 million in convertible notes due 2029 in a private offering.
Steel Dynamics fell 1.2% after the company gave a weaker second-quarter profit outlook of $2.64 to $2.68 a share, below Wall Street’s expectations of $2.98 a share.
Lennar and Ray Ze Boy are scheduled to report earnings on Monday. Homebuilder Lennar rose 0.2% ahead of its earnings release scheduled for after the close on Monday, while Ray Ze Boy rose 0.2%.
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The furniture maker’s shares fell 2.2%.
A report from KB Home is expected later this week.
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Accenture
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Kroger
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Jabiru
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Darden Restaurant
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FactSet Research System
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CarMax
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Winnebago Industries
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Contact Joe Woelfel at joseph.woelfel@barrons.com.
