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The top stocks to watch today (Tuesday) include energy company Nextera Energy Partners LP (NYSE: NEP), wearable camera company GoPro Inc. (Nasdaq: GPRO), and fitness device maker Fitbit Inc. (NYSE: FIT).
There's a lot of U.S. economic data reports being released today, including Case-Shiller home prices, Chicago PMI, and consumer confidence.
Economic data along with earnings reports are going to be the cause of market moves today. There will be at least six reports before trading begins today, along with releases after the closing bell.
Here are three top stocks to watch today...
Stocks to Watch: Nextera Energy Partners LP (NYSE: NEP)
Nextera Energy stock is up 1.5% in pre-market trading after announcing a double-digit dividend growth target and an upgraded stance from Deutsche Bank.
The stock shot up almost 13% yesterday after the announcement that analyst Jonathan Arnold from Deutsche Bank upgraded Nextera stock from hold to buy.
Nextera Energy is a partnership that focuses on clean energy projects. The limited partnership acquires, manages, and owns contracts for the projects.
The improved outlook came on the heels of the company announcing a 15% dividend growth target over the next five years.
Currently, Nextera has a lower dividend than its competitors. That allows it to invest in future projects at a faster pace. This will support its growth target over the next five years.
NEP stock is trading at $31.04 for a gain of 21.5% year to date (YTD).
Stocks to Watch: GoPro Inc. (Nasdaq: GPRO)
GoPro stock is down over 1% in pre-market trading after analysts reduced the one-year price target of the stock to $9.55.
The range for the price target is between $6 and $13. The previous one-year price target for GoPro was $9.71.
GoPro manufactures and distributes mountable and wearable cameras. The products are sold through retailers and wholesalers globally.
The company is likely to announce Q4 earnings on Thursday. The forecast earnings per share (EPS) is $0.12, which is up from Q3 EPS of -$0.70. Estimates for 2017 are EPS of -$0.62.
GPRO stock is currently trading at $10.80 for a gain of 24% YTD.
Stocks to Watch: FitBit Inc. (NYSE: FIT)
FitBit stock was down almost 3% in pre-market trading after it cut its EPS guidance.
The manufacturer of fitness devices cut its guidance to between -$0.51 and -$0.56 EPS from a range of $0.14 to $0.18.
With the reduced guidance, the company also announced it will be laying off 6% of its workforce (110 employees). GoPro cited "weaker than expected" holiday sales as the reason for the layoffs and lowered guidance.
The company is expected to announce Q4 earnings on Feb. 27. Full-year growth is expected to be about 17%, down from 25%.
FIT shares are trading at $6.06 for a loss of 17% YTD.
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- Fox Business: Nextera Energy Stock Upgraded with Increasing Dividend
- Markets Daily: Disappointing Earnings Forecast for GoPro
- Market Watch: FitBit to Lay Off Employees After Disappointing Holiday Sales