
US PREMARKET ACTIONS: June 25, 2025
Futures Indices
- Dow Futures: -0.07%
- S&P 500 Futures: +0.06%
- Nasdaq 100 Futures: +0.22%
- US 10-Year Yield: 4.29%
Market Environment
Markets are moving cautiously this Wednesday as investors assess the stability of the ceasefire between Israel and Iran, brokered by the US. Futures remain unchanged as tensions in the Middle East appear to be easing.
"Financial markets have priced in an Iran-Israel ceasefire holding. That skews the risks if there is any further military activity." — Paul Donovan, UBS
Bond yields are stable, with a short-term easing of inflation thanks to falling oil prices.
"Near-term inflation fears have rapidly diminished as the ceasefire in the Middle East led to further oil price declines." — Jim Reid, Deutsche Bank
On the macro front, investors are awaiting Fed Chair Jerome Powell’s semiannual testimony before the Senate. Also on watch: new home sales data for May, expected to fall to 694K.
Stocks to Watch
Gainers
QuantumScape (QS) +30.72%
The company announced the successful integration of its Cobra process into cell production. This marks a key step toward commercialization of its solid-state batteries.BlackBerry (BB) +14.55%
Q1 results beat expectations and annual guidance raised, driven by growth in cybersecurity services.Korea Electric Power (KEP) +10.94%
The group will maintain electricity rates in Q3 despite lower energy prices, a decision welcomed by the market.
Decliners
Torrid Holdings (CURV) -29.22%
Drop after announcing a secondary offering of 10 million shares at $3.50. The company will receive no proceeds from this transaction.Allot (ALLT) -9.05%
Launch of a $40M fundraising via a 5 million share issue. The funds will help repay a major shareholder.Forte Biosciences (FBRX) -8.96%
Decline following the announcement of a $75M capital raise through a stock offering.FedEx (FDX) -2.4% after hours
Mixed Q4 results: EPS beat, but revenue and revenue guidance below expectations.
Recommendation Changes
Upgrades
- Duke Energy ($DUK) → Goldman Sachs upgrades to buy (from neutral), price target raised from $125 to $132.
- Kraft Heinz ($KHC) → Goldman Sachs upgrades to neutral (from sell), target increased from $25 to $27.
- Lam Research ($LRCX) → William O'Neil & Co upgrades to buy (coverage resumed).
- Yum! Brands ($YUM) → JP Morgan upgrades to overweight (from neutral), target lowered from $170 to $162.
Neutral
- Carnival ($CCL) → BNP Paribas Exane maintains outperform, price target raised from $23 to $31.
- Coinbase ($COIN) → Bernstein maintains outperform, target raised from $310 to $510.
- Doordash ($DASH) → Cantor Fitzgerald maintains overweight, price target raised from $210 to $260.
- Texas Instruments ($TXN) → TD Cowen maintains hold, price target raised from $160 to $200.
Downgrades
- Graphic Packaging ($GPK) → BNP Paribas Exane downgrades to neutral (from outperform), target cut from $24.80 to $22.60.
- Omnicom Group ($OMC) → Barclays downgrades to equal weight (from overweight), price target lowered from $105 to $80.
- Interpublic Group ($IPG) → Barclays downgrades to equal weight, target dropped from $34 to $27.50.
- WEC Energy Group ($WEC) → Goldman Sachs downgrades to sell (from neutral), target lowered from $106 to $100.
- GE Vernova ($GEV) → BM Pekao maintains sell, target raised from $213 to $303.
Have a great session everyone
Sylvain Mouilhaud: Stock Coach