Yahoo Finance is tracking Snap, Pepsi, Amazon and Michael Kors in intraday trading on Tuesday.
Snap (SNAP) – The parent company of Snapchat is sinking after Morgan Stanley (MS) downgraded the stock to market perform from outperform and lowered its price target to $16 a share from $28. Analyst Brian Nowak noted increased competition from Facebook’s Instagram and concerns about its ad product not evolving or improving as quickly as expected as two reasons for the downgrade. Snap closed below its IPO price of $17 on Monday.
Pepsi (PEP) – The beverage and snack giant topped analyst expectations on both the top and bottom lines in the second quarter, as an increase in pricing helped offset declining volume in North America. Pepsi posted adjusted earnings per share of $1.50 on revenue of $15.71 billion and also raised its earnings outlook for the year to $5.13 from $5.09.
Amazon (AMZN) – The e-commerce giant’s annual Prime Day is underway. The event, which offers Prime members special deals for 30 hours, kicked off Monday at 9 p.m. ET. So far this year, the best seller is the Amazon Echo, which is discounted 50% to $89.99. Other popular items are the Echo Dot and the Fire 7 tablet.
Michael Kors (KORS) – The retailer is under pressure after MKM Partners initiated coverage on the stock with a sell rating and a price target of $26 a share. Analyst Roxanne Meyer is skeptical about Michael Kors’ ability to meet Wall Street estimates for 2018 and 2019 following weak fourth-quarter results.
For more on Tuesday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.