Stocks Making The Biggest Premarket Moves: Advance Auto Parts, Icahn Enterprises, Meta, Fisker And More

Take note of the significant market activities from various companies prior to the commencement of trading hours.

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Advance Auto Parts— Advance Auto Parts experienced a decline of 2.4% during premarket trading as Atlantic Equities downgraded the stock to underweight. Additionally, the price target was lowered to $50, indicating a potential downside of approximately 28%. Analyst Sam Hudson cited ongoing weak performance as evidence of structural challenges and substantial share losses.

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Icahn Enterprises— Following a report from The Wall Street Journal that Carl Icahn had dissociated his personal loans from the stock price, Icahn Enterprises witnessed a surge of 10% in its shares. This move was in response to recent allegations made by a short seller regarding "inflated" asset valuations.

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Meta Platforms— Pre-market trading saw a 1% increase in shares of the social media company, Meta Platforms. Meta's recently launched online platform, Threads, has garnered over 100 million users since its introduction last Wednesday, as reported by the tracking site Quiver Quantitative. CEO Mark Zuckerberg expressed surprise at the rapid growth, stating that it had exceeded their expectations.

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Cava— The restaurant chain observed a 3% increase in its stock value after JPMorgan initiated coverage with an overweight rating and a price target of $45. This target suggests a potential upside of nearly 14% from the closing price on Friday. The firm highlighted Cava's well-capitalized business model and the considerable market opportunity for the initiation of coverage.

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Fisker— The stock of electric vehicle manufacturer Fisker recorded a slight increase of less than 1% subsequent to the announcement of a $340 million convertible note offering, which may potentially be raised to $680 million. Fisker intends to utilize the net proceeds for general corporate purposes, including working capital, the establishment of an additional battery pack line, and the development of future products.

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Charles Schwab— Prior to the market opening, shares of brokerage firm Charles Schwab experienced a 1.9% rise following an upgrade by JMP to market outperform from market perform. In a client note, the firm highlighted Schwab's potential to benefit from stabilizing cash-sorting trends and the low expectations prevailing in the lead-up to earnings season.

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Shockwave Medical— After an upgrade from Morgan Stanley to overweight from in-line, the stock of Shockwave Medical witnessed a gain of 2.8%. The firm expressed expectations of a substantial improvement in outpatient reimbursement, contributing to the positive outlook for the company.

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