PayPal and Dropbox stocks fall after downgrades, GM shares inch higher, and more stocks on the move

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Here are some of the most notable stock movers ahead of Monday’s Wall Street open.

Stock gainers:

MariaDB PLC shares

jumped 9% in premarket trading on Monday after venture capital group Runa Capital said Friday it had offered to buy the system software group for 56 cents a share in cash, representing a premium of around 24% based on the Sept. 13 closing price for MariaDB shares.

Five Point Holdings shares

surged 14% in premarket trading. The owner and developer of planned communities late Friday named Kim Tobler as chief financial officer.

DoorDash Inc. shares

were rising more than 2% in premarket trading Monday after Mizuho upgraded the stock to buy.

Shares of General Motors Co.

rose 0.8% in premarket trading as investors continued to watch a standoff between that automaker and two others — Ford Motor Co.

and Stellantis NV
where workers at three plants have gone on strike. On Sunday, the president of the United Auto Workers (UAW) rejected Stellantis’s wage-hike offer of 21% with an immediate 10% increase at the time of approval. Ford shares were not active and Stellantis shares fell 0.5% in Milan.

Iovance Biotherapeutics Inc.

shares jumped 7.7% in premarket trading. Shares of the biotechnology company were building on gains seen last Friday after the U.S. Food and Drug Administration agreed to expedite the remaining review of its Biologics License Application for lifileucel, a melanoma-treatment drug.

Stock decliners:

Axcella Health Inc. shares 

fell 10%. Shares slumped Friday after the biotech company announced plans for a 1-for-25 reverse stock split. The split, which will be effective Sept. 19, is intended to help the company regain Nasdaq compliance.

Dropbox Inc. shares

were declining 3.5% in premarket action after a downgrade at William Blair. Analyst Jason Ader cited “lackluster organic revenue growth prospects in 2024,” among other reasons for caution. He cut his rating to market perform from outperform.

Shares of NetApp Inc.

were off 2% in premarket activity after William Blair’s Ader downgraded that stock as well. Various factors “put in doubt the company’s ability to achieve sustained high-single-digit revenue growth,” he wrote, in moving to a market-perform rating from his prior bullish stance.

PayPal Holdings Inc.‘s stock

was off about 1% after SVB MoffettNathanson analyst Lisa Ellis lowered her rating to market perform from outperform. “Looking forward, unfortunately, we expect PayPal’s gross-profit growth to remain lackluster,” Ellis wrote.


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