Chegg (CHGG) – Shares were down nearly 50% in pre-market trade Tuesday. We have discussed Chegg’s earnings results and the stock’s performance. Chegg cited students using generative-AI platforms like ChatGPT as a reason last quarter’s performance might have been concerning.
Lyft (LYFT) – The stock was up about 2% in sympathy following earnings out of peer Uber (UBER). Lyft will report quarterly results on Thursday.
Fortinet (FTNT) – A play on a bullish call by analysts at research shop Rosenblatt. The firm began coverage on several cybersecurity stocks with bullish ratings, including CyberArk (CYBR), CrowdStrike (CRWD), Zscaler (ZS), and Palo Alto Networks (PANW).
Scorpio Tankers (STNG) – A play on an improved landscape for the company’s shareholder payouts. This overseas shipper raised its quarterly dividend and announced a $250 million buyback plan. The stock’s dividend yield now sits at nearly 2%.
Leju Holdings (LEJU) – Several China-based US-traded stocks traded higher on heavy momentum Tuesday morning. These names each had the quality of being in “low-float territory” — having under 20 million shares in their float. We could not find news to justify the move higher in these momentum names.