Morning Movers: Verint jumps following deal to be acquired

Stock futures are modestly lower this morning, pausing after a strong rally last Friday spurred by renewed optimism around a potential September rate cut. Investors, still upbeat after Federal Reserve Chair Jerome Powell’s Jackson Hole comments, are now focused on key data releases like the upcoming PCE inflation report and nonfarm payrolls, which will guide the Fed’s next move. Barclays and Deutsche Bank have raised their expectations for a 25-basis-point rate cut, pushing the probabilities above 84%.

On the crypto front, both Bitcoin and Ethereum are down modestly, dragging related equities like Coinbase, MARA, Riot Platforms, and MicroStrategy lower.

In pre-market trading, S&P 500 futures fell 0.28%, Nasdaq futures fell 0.37% and Dow futures fell 0.28%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly, and follow the Fly By on YouTube.

HIGHER –

• Verint (VRNT) up 12% after entering into an agreement to be acquired by Thoma Bravo in an all-cash transaction reflecting an enterprise value of $2B
• Okta (OKTA) up 3% after Truist upgraded the stock to Buy with a price target of $125, up from $100, ahead of fiscal Q2 earnings due on Tuesday

UP AFTER EARNINGS –

• Napco Security (NSSC) up 15%

DOWN AFTER EARNINGS –

• PDD Holdings (PDD) down 2%

LOWER –

• Keurig Dr Pepper (KDP) down 8% after entering into a definitive agreement under which KDP will acquire JDE Peet’s in an all-cash transaction $31.85 per share
• RH (RH) and WIlliams-Sonoma (WSM) down 8% each after President Donald Trump stated that “we are doing a major Tariff Investigation on Furniture coming into the United States”
• American Eagle (AEO) down 4% after BofA downgraded shares to Underperform with a price target of $10, down from $11