Check out the companies making headlines before the bell. Adobe — Adobe fell 3.6%, continuing the stock’s decline from Wednesday, after the company released disappointing guidance for fiscal year 2024. Foot Locker — The sneaker retailer gained 3.9% after Piper Sandler upgraded shares to overweight and raised the firm’s price target, calling Foot Locker one of the best situated “turnaround stories.” United Airlines , Delta Air Lines — Shares of both companies gained 1% after Goldman Sachs named them top airline picks going into the new year. Moderna , Merck — Moderna’s stock price popped more than 12% in premarket trading, while Merck’s rose by 0.5%. Data from a midstage trial released Thursday showed that Moderna and Merck’s experimental cancer vaccine helped reduce the risk of death or relapse in patients with melanoma cancer after three years. Live Nation — Shares of the entertainment company added 3.2% following an upgrade by Morgan Stanley to overweight from equal weight. The bank thinks Live Nation can generate double-digits earnings growth in the next few years as it expands its venue portfolio and moves into global markets. D.R. Horton , Lennar — Shares rose about 1% each after Goldman Sachs named them its top homebuilder picks entering 2024. Goldman said the two names were well positioned in an environment that should see moderating mortgage rates and appreciating home values in the eyes of consumers. Lennar is set to report earnings after market close on Thursday. Opendoor Technologies — Shares of the residential e-commerce platform jumped 8.5%, adding to its gains from Wednesday. The company was upgraded by to market perform from underperform at Keefe, Bruyette & Woods earlier this week. TripAdvisor — The travel stock popped 5% after BTIG upgraded TripAdvisor to buy from neutral and hiked its price target to $25, suggesting nearly 38% upside from Wednesday’s close. The firm cited new management, growth in the Viator and TheFork businesses and the stock’s appealing valuation for its call. Occidental Petroleum — Shares of the oil and gas giant added 2.2% in early morning trading. The company reported that Berkshire Hathaway bought nearly $590 million worth of Occidental stock, or 10.5 million shares, on Wednesday. — CNBC’s Alex Harring, Sarah Min and Michelle Fox Theobald contributed reporting.
