Check out the companies making headlines before the bell:
Planet Fitness — Shares of the gym franchise jumped nearly 3% in premarket trading after Raymond James upgraded the stock to strong buy from market perform. The Wall Street firm said the company has a resilient and recession-resistant business with no interest rate risk and very little near-term debt
maturities. Meanwhile, its current valuation is well below its recent historical average, Raymond James noted.
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PG&E — The utility stock climbed more than 5% premarket after S&P Dow Jones Indices on Friday said PG&E will replace Citrix Systems in the S&P 500, effective prior to the opening of trading on Monday, October 3. Vista Equity Partners is acquiring Citrix Systems in a transaction expected to be completed this week
Las Vegas Sands — Shares of the casino operator surged more than 7% after Macao announced its plan to allow tour groups from mainland China as soon as November. Shares of MGM Resorts rose more than 2%.
Lyft — Shares of the ride-hailing company fell nearly 4% premarket after UBS downgraded the stock to neutral from buy. The Wall Street firm cited its driver survey that indicates drivers prefer Uber and Lyft is not their main app.