Hot Stocks: BYND upgrade; LHX, CTXS drop; ATKR rises on earnings; BB patent sale – Seeking Alpha

Beyond Meat (NASDAQ:BYND) garnered attention in Monday’s pre-market trading, rising after Barclays swung to a bullish view of the stock. Atkore (NYSE:ATKR) was another notable pre-market winner, climbing in the wake of a strong quarterly report.

Turning to some of the morning’s standout decliners, L3Harris Technologies (NYSE:LHX) lost ground in the wake of its earnings release. The company beat expectations for its latest profit but issued a disappointing forecast.

BlackBerry (NYSE:BB) lost ground after it agreed to sell its non-core patent portfolio. Citrix Systems (NASDAQ:CTXS) edged lower on reports of a potential takeover deal.

Gainers

Beyond Meat (BYND) jumped in pre-market action following an upgrade from Barclays. The firm increased its rating on the maker of plant-based meat substitutes two notches, upping it to Overweight from Underweight.

Analyst Benjamin Theirer based the move on BYND’s growth potential in the U.S. foodservice channel and the international segment. Bolstered by the bullish turn, the stock rose almost 5% before the opening bell.

Earnings news sparked buying interest in shares of Atkore (ATKR). The firm’s net income soared more than 140% from last year, with revenue that jumped almost 65% to nearly $841M. Shares rose 6% on the news.

Decliners

L3Harris Technologies (LHX) beat expectations with its Q4 earnings figure. However, quarterly revenues fell short and the company provided a weak forecast for the full year. Hurt by the financial figures, the stock slipped 3% in pre-market action.

Elsewhere, BlackBerry (BB) dropped about 6% in pre-market action after announcing a deal to sell substantially all of its non-core patent assets to Catapult IP Innovations. The purchase price equates to $600M, with $450M coming in cash and the rest consisting of a promissory note.

Reports of a potential takeover deal put pressure on Citrix Systems (CTXS). The stock retreated nearly 4% in pre-market action as the deal under consideration has a reported purchase price below CTXS’s closing price on Friday.

According to Bloomberg, private equity firms Elliott Management and Vista Equity are close to a deal to buy CTXS for $104 per share. The stock closed Friday at $105.55 but has fallen below $102 in pre-market action.

To keep up with the day’s top winners and losers throughout the session, turn to SA’s On The Move section.

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