Check out the companies making headlines before the market opens. Trump Media & Technology – Shares fell more than 11% following the debate between Republican candidate Donald Trump and Democratic Vice President Kamala Harris. Trump Media is majority-owned by the former president. Rentokil Initial – Terminix shares plunged about 20% after its parent company issued a profit warning. Rentokil Initial currently expects organic sales growth in North America to slow to around 1% in the second half of the year due to weaker-than-expected trading in the region in July and August. Shares of pest control company Rollins also fell nearly 5%. Dave & Buster’s – The entertainment stock rose more than 13% after beating earnings estimates by 15 cents per share in the latest quarter. Revenues fell short of Wall Street expectations. GameStop – Shares of the video game retailer plunged more than 10% in premarket trading after reporting a sharp drop in sales. Revenue for the latest quarter was $798 million, down more than 20% from sales of $1.16 billion a year ago. GameStop also announced a “market-based” issuance of up to 20 million shares. Williams-Sonoma – Shares of the home furnishings company rose 3% after Jefferies upgraded its rating to hold. Jefferies said the company has “hidden gems” in its portfolio that could benefit from even a modest recovery in the housing market. Novartis – The Swiss pharmaceutical company’s U.S.-listed shares fell 2% after Bank of America downgraded its rating to hold from buy. The bank sees fewer catalysts for Novartis’ future growth. Viking Therapeutics – Shares rose more than 4%. J.P. Morgan has an overweight rating on the biotech company, which competes in the GLP-1 space, and said upcoming data in November will be a positive catalyst for the stock. The Wall Street firm issued an $80 price target, implying upside potential of more than 40%. Crypto Stocks – Stocks tied to the price of Bitcoin came under pressure as the price of the flagship cryptocurrency edged lower overnight, as crypto traders digested Bank of Japan policy and looked ahead to key U.S. inflation data. Coinbase fell 2% and MicroStrategy fell 3%. MARA Holdings (formerly Marathon Digital) and Riot Platforms, the largest Bitcoin miners, fell 3% and 1% respectively after rising on Tuesday. Morgan Stanley – Shares of the major bank fell more than 1% after Goldman Sachs downgraded its stock rating to neutral from buy. Goldman Sachs says Morgan Stanley looks expensive compared with peers. —CNBC’s Alex Harring, Samantha Subin, Jesse Pound, Yun Li, Sarah Min, Tanaya Macheel and Michelle Fox contributed reporting.
