Market Movers: Fortinet and Shopify Lead with Double-Digit Gains

1. Fortinet (Nasdaq: FTNT)
Fortinet surged by 25.3%. On August 7, Wells Fargo maintained Fortinet's rating at hold with a $64 target price. Wedbush reiterated an outperform rating with a $78 target, and BMO Capital maintained market perform status with a $76 target.

2. Shopify (NYSE: SHOP)
Shopify surged by 17.8%. Shopify reported second-quarter fiscal 2024 revenue of $2.05 billion, surpassing the expected $2 billion. Net income and per-share earnings also exceeded analyst predictions. Piper Sandler maintains a neutral rating for Shopify with a price target of $67.00.

3. Ambev S.A. (NYSE: ABEV)
Ambev S.A. gained solidly by 5.63%. Ambev reported second quarter fiscal 2024 results on August 1, 2024. UBS maintained its buy rating on Ambev with a lowered price target of $2.90. Barclays maintained an equal-weight rating with a price target of $2.50.

4. Suncor Energy (NYSE: SU)
Suncor Energy gained solidly by 4.51%. BMO Capital upgraded Suncor Energy to Outperform with a new target price of $62. RBC Capital reiterated Outperform with a target of $65. Scotiabank maintained Sector Perform but lowered the target to $60. Goldman Sachs maintained Buy with a $45 target.

5. Takeda Pharmaceuticalmpany Limited (NYSE: TAK)
Takeda Pharmaceuticalmpany Limited gained solidly by 3.83%. Takeda Pharmaceutical plans to close its California R&D center, resulting in 1,000 job cuts in the US.