Check out the companies making headlines before the market opens. Toll Brothers — Shares of Toll Brothers rose 1.3% after Goldman Sachs upgraded the stock to neutral from sell. Goldman Sachs pointed to near-term benefits from customization and upgrades, as well as continued outperformance in new home sales. Best Buy — Shares of Best Buy rose more than 3% after UBS upgraded the stock to buy from neutral. The investment bank said a cycle of new products and appliance upgrades could bolster the stock’s performance. Autodesk — The software company’s shares rose 4% on news that activist fund Starboard Value has taken a $500 million stake in the company. Starboard is considering legal action over concerns that an internal investigation delayed revelations. AMC Networks — Shares of AMC Networks fell 10% after the cable network filed to sell $125 million of convertible senior notes due 2029 in a private placement. Shattuck Labs — The biotech stock fell 1% after BTIG downgraded its rating to neutral from buy. While clinical trial data released on Friday showed “encouraging efficacy”, BTIG said there was “ambiguity” in one area that would not clear up until the second half of 2025. The building materials maker’s shares fell 3% earlier on Monday. Goldman Sachs downgraded the stock to “sell” from “neutral”, citing macroeconomic and competitive pressures. Broadcom — Shares of the chip maker rose more than 3%, extending gains from Friday. Broadcom’s stock price soared 31% in June. The company reported second-quarter profit last Wednesday that beat expectations. —CNBC’s Alex Harring, Sarah Min and Scott Schnipper contributed reporting
