Stabilizing after a slide to start the week, stocks edged higher in premarket action on Tuesday. A dip in rates and a halt in declines in the crypto space gave support to equities. Here are some stocks to watch for Tuesday:
- Royal Bank of Canada (RY) announced that it has agreed to acquire HSBC Bank Canada from HSBC (NYSE:HSBC). The purchase price for the deal is C$13.5B, or US$10.1B. HSBC rose about 4% in premarket trading.
- Hibbett (HIBB) lost ground before the opening bell, dragged down by a disappointing quarterly report. Shares of the retailer dropped almost 8% after the company missed Q3 projections on both its top and bottom lines, even as revenue rose almost 14% from last year.
- Darden Restaurants (DRI) slipped in premarket action following an analyst downgrade, dipping by about 1%. Baird cut its rating on the owner of the Olive Garden and LongHorn Steakhouse restaurant chains to Neutral from Outperform. While the firm said it still held “a very positive view” of DRI’s operating fundamentals, the stock’s recent outperformance and “lingering risks related to the macro outlook” led to the downgrade.
- Intuit (INTU) is scheduled to release its quarterly results after the closing bell. The provider of the TurboTax tax preparation software is projected to earn $1.20 per share on revenue of $2.5B.
- CrowdStrike (CRWD) is also slated to announce its financial figures in the after-hours period. Analysts are looking for the cybersecurity firm to post a profit of $0.32 per share. Meanwhile, revenue is expected to rise to $575M, an advance of more than 50% from the previous year.
For more on the general market, see why Seeking Alpha contributor Avi Gilburt thinks the “market levitation will likely end soon.”
