Hot Stocks: CGNX gains on guidance, BYND rises, F falls on inventory issues, PYPL dips on downgrade
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Major averages prepare themselves on Tuesday ahead of the Federal Reserveâs rate decision set for Wednesday. Not waiting around though are shares of Cognex Corporation (NASDAQ:CGNX), Beyond Meat, Inc. (NASDAQ:BYND), Ford Motor Company (NYSE:F), and PayPal Holdings (NASDAQ:PYPL).
CGNX and BYND both jump out in front of the marketplace as they gained ground early on. CGNX rose on strong Q3 guidance figures, while BYND tracked higher despite the arrest of the firmâs COO.
Trading lower on the other side of the coin are both F and PYPL. F is in negative territory on Tuesday morning as the auto giant faces inventory challenges. At the same time, PYPL has fallen as shares of the payment platform company received a downgrade.
Gainers
Cognex Corporation (CGNX) experienced a bump up in trading as the company gained 5.4% on Tuesday morning. CGNX moved higher as it upped its Q3 revenue guidance. The firm now assumes Q3 revenue to be $195M to $205M, compared to a consensus revenue anticipation of $170.34M.
Beyond Meat, Inc. (BYND) moved up on Tuesdayâs premarket session by 1.4% despite the fact that Chief Operating Officer Doug Ramsey was arrested after an incident following a college football game. Ramsey was arrested for terroristic threatening and third-degree battery after he allegedly bit a man's nose during an altercation.
Decliners
Shares of Ford Motor Company (F) are lower by 4% in early market trading as the U.S. auto manufacturer anticipates to have 40,000 to 45,000 vehicles in inventory at end of Q3. The inventory glut is due to the fact that certain parts needed are presently in short supply.
PayPal Holdings (PYPL) is in the red as the stock slid 2.5% early on. PYPL is lower as the company received a downgrade by Susquehanna analyst Jamie Friedman. Friedman downgraded PYPL to Neutral as its Braintree unit gains share within PayPal's total payment volume, resulting in negative leverage.
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