US PREMARKET ACTIONS: August 21, 2025
**Futures Indices**
Dow Futures: -0.3%
S&P 500 Futures: -0.3%
Nasdaq 100 Futures: -0.28%
US 10-year Yield: 4.31%
**Market Environment**
US markets are opening lower this Thursday, ahead of Jerome Powell's closely watched speech on Friday in Jackson Hole. Caution prevails, heightened by the Fed minutes released Wednesday, which revealed some division regarding the next monetary policy decision.
Peter Sidorov (Deutsche Bank) points out that recent pressure on tech stocks could be amplified by an MIT study stating that "95% of companies adopting AI have seen no measurable improvement in profits."
The recent drop in the "Mag-7" thus echoes the post-Liberation Day moves in April.
Another source of tension: Donald Trump's call for Fed Governor Lisa Cook's resignation. UBS notes that "the Fed's independence is becoming a significant political uncertainty."
On the macroeconomic data front, weekly jobless claims are expected to remain stable at 224K, while the August Flash PMI indicators are being closely watched for growth momentum. Manufacturing PMI is expected to remain in contraction (49.7), while services PMI is set to slow (53.0).
Existing home sales and leading indicators will round out this busy day.
**Stocks to Watch**
Walmart (WMT) -3%
Despite better-than-expected results (comparable sales +4.6%, e-commerce +26%), the stock is declining. Investors seem to find the outlook insufficient to justify the current valuation, especially in an uncertain macro environment.
Brazil Potash (GRO) +28%
The company announced a 10-year deal with Keytrade to sell up to 900K tons/year of potash. This secures 60% of its annual output with firm commitments—a strategic shift cheered by the market.
Immuneering (IMRX) +6%
The biotech is up after announcing a $25M private placement at a premium, signaling strong institutional investor confidence in the company's prospects.
Invivyd (IVVD) -17%
Tumbled after announcing a $50M capital raise through a share offering, seen as dilutive by investors.
Greenwave Technology (GWAV) -24.5%
The company announced a 1-for-110 reverse stock split to comply with Nasdaq rules, heavily weighing on the stock.
**Rating Changes**
Upgrades
Bio-Techne Corp. ($TECH) → Citi upgrades to 'Buy' with a target raised to $70 (from $55).
Coreweave, Inc. ($CORE) → Arete Research upgrades to 'Buy' with a target of $180 (from $158).
Snap Inc. ($SNAP) → Baptista Research upgrades to 'Buy' with a target of $8.90.
AMD ($AMD) → Guotai Haitong maintains 'Overweight,' target raised from $162 to $199.
Toll Brothers, Inc. ($TOL) → Wolfe Research maintains 'Outperform,' target increased to $160 (from $130).
Neutral
Circle Internet Group ($CIRC) → Maintains 'Buy,' target lowered from $358.20 to $229.
Estee Lauder ($EL) → Maintains 'Neutral,' target raised from $60 to $90.
Globant S.A. ($GLOB) → Maintains 'Buy,' target lowered from $110 to $80.
Lantheus Holdings ($LNTH) → Maintains 'Outperform,' target cut from $134 to $99.
Match Group ($MTCH) → Maintains 'Neutral,' target raised to $41.50 (from $34.30).
Downgrades
Analog Devices ($ADI) → KGI shifts to "Outperform" but lowers target to $258 (from $220).
Coty Inc. ($COTY) → Citi moves to 'Neutral' with a lowered target of $4.25 (from $6.50).
Extra Space Storage ($EXR) → Goldman Sachs moves to 'Neutral,' target dropped to $146 (from $169).
Icon Plc ($ICLR) → Citi moves to 'Neutral,' target cut to $200 (from $225).
Kilroy Realty ($KRC) → Goldman Sachs downgrades to 'Sell' with a target of $33.
Marvell Technology ($MRVL) → KGI moves to 'Neutral,' target decreased to $75 (from $95).
Truist Financial ($TFC) → Wells Fargo downgrades to 'Equal Weight' with a target of $47.
Westlake Corp. ($WLK) → Baptista moves to 'Hold,' target dropped to $91.10 (from $94.50).
Have a good session everyone
Sylvain Mouilhaud: Stock Coach