Paramount Global (PARA): The stock rose 3% after the Writers Guild of America announced a tentative deal to end the screenwriters strike.
Netflix (NFLX): Shares rose 1% following the news of the potential resolution to the screenwriters strike.
AstraZeneca (AZN): The stock increased by 1% as Jefferies upgraded the UK drugmaker to a buy rating, emphasizing the potential value of its research and development assets beyond oncology. Morgan Stanley also noted that investors will likely reward positive earnings upgrades from AstraZeneca, Novo Nordisk (NVO), and Novartis (NVS) – the latter of which received an upgrade to equal-weight from underweight by the same source.
Foot Locker (FL): Shares fell 3% after Jefferies downgraded the athletics apparel retailer. This decision was based on survey results indicating that consumer spending may decline due to student debt repayment.
Urban Outfitters (URBN): Jefferies also downgraded this company to hold from buy, citing the same survey results regarding consumer spending limitations caused by student debt repayment.
Nike (NKE): Shares dropped 1% as Jefferies downgraded the company to hold from buy. This decision was mainly attributed to expectations of continued pressure on the wholesale channel and potential macro headwinds affecting growth in China.