Analyst comments provided a notable catalyst in Thursday's midday trading. Pinterest ( NYSE: PINS ) rose following an upgrade from Goldman Sachs, while Seagate Technology ( STX ) dropped on a cautious comment.
In other news, Costco Wholesale ( COST ) advanced following the release of strong monthly sales figures. Meanwhile, Constellation Brands ( STZ ) endured downward pressure following the announcement of its quarterly results.
Gainers
Pinterest ( PINS ) gained ground in midday action, rising nearly 5% following a bullish comment from Goldman Sachs. Analyst Eric Sheridan raised his rating on the stock to Buy from Neutral, citing a "more positive" skew in the risk-reward dynamic for the social media firm.
In making the upgrade, Goldman pointed to improved user growth and engagement. This could lead to upside in 2023 and 2024 for both revenue and operating margin, the firm said.
Elsewhere, Costco Wholesale ( COST ) also showed midday strength, rising 1.5% after the retailer released monthly sales stats . COST reported that its comparable sales rose 8.5% in September. Net sales climbed 10%.
Decliners
Constellation Brands ( STZ ) dropped in the wake of its quarterly report. Despite headline numbers that beat expectations, analysts expressed caution for the future.
The beer and wine maker surpassed projections with its earnings and revenue, with its top line rising 12% from last year.
Even with the strong results, however, analysts outlined concerns that expectations for depletions, which track sales to retailers by distributors, have gotten too high. There was also worry related to a $1.06B impairment charge from the STZ's investment in Canopy Growth ( CGC ).
Meanwhile, Seagate Technology ( STX ) lost ground in intraday action, hurt by a cautious note from Benchmark . Mark Miller lowered its earnings and revenue estimates for the company, saying firms in the sector "have recently lowered their forecasts for the September quarter due to weaker trends."
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Hot Stocks: PINS rises on upgrade; COST climbs on sales data; STZ falls on earnings; STX drops