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Stocks Making the Biggest Moves Before the Bell: Tesla, Verizon, Block, Alcoa and More

April 22, 2024
minute read

Let's take a look at the companies making waves in premarket trading.

Li Auto and Tesla, prominent players in the electric vehicle (EV) industry, experienced notable declines of over 7% and 3%, respectively. This drop followed announcements of price reductions, with Tesla slashing the sticker price of its Model 3 in China, alongside decreases in other markets as reported by Reuters. Li Auto also lowered price tags on various models, including its recently launched MEGA SUV. Concurrently, U.S. shares of Chinese EV manufacturers Nio and Xpeng slipped over 2% in tandem.

Verizon, the telecommunications giant, saw a 1.5% uptick in its stock as earnings per share surpassed expectations. Posting $1.15 per share, excluding items, in the first quarter, Verizon exceeded the consensus forecast by three cents, according to analysts survey.

However, the company's revenue fell slightly short of Wall Street's projections, standing at $33 billion compared to the anticipated $33.32 billion. Verizon also reaffirmed its full-year guidance across various metrics.

Riot Platforms, a bitcoin miner, surged 5.9% following JPMorgan Chase's reaffirmation of its overweight rating. The bank expressed confidence in Riot's position as a leader in the bitcoin realm, particularly following the company's analyst day. This endorsement coincided with the cryptocurrency's fourth-ever "halving" event on Friday.

Cryptocurrency-related stocks experienced movements in response to the halving as well. Coinbase saw a 2.2% increase, while Marathon Digital and Microstrategy each climbed over 4%.

Alcoa, an aluminum company, witnessed a 1.2% rise after Morgan Stanley upgraded its shares from underweight to equal weight. The decision was based on a more favorable risk-reward backdrop, improving profitability, and potential benefits from the Inflation Reduction Act.

Block, a financial services stock, saw a 0.7% uptick following Bank of America's reiterated buy rating. The bank believes that Block's current valuation is attractive, especially considering its 9% year-to-date pullback, and anticipates "significant multiple expansion" in the future.

Euronet Worldwide, a financial technology stock, advanced 1.7% after receiving an upgrade from Citi to buy from neutral. Despite recent pullbacks in share price, the firm expressed confidence in Euronet's ability to meet or exceed its earnings forecast.

Hut 8, a data center operator, saw its shares rise by 2.6% after Benchmark initiated coverage with a buy rating. The firm highlighted Hut 8's diversified business model and substantial bitcoin holdings as key strengths, setting a $12 price target implying approximately 50% upside from Friday's close.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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