Stocks Making the Biggest Premarket Moves: Fisker, Tesla, United Natural Foods and More
Check out the companies making headlines before the bell.
- Fisker, the vehicle development company, experienced a pre-market surge of 4.1% following Bank of America's reinstated coverage with a buy rating. Bank of America emphasized that Fisker offers investors a unique opportunity for "pure-play exposure to the rapidly growing EV market" and highlighted its lower-risk business model relative to its EV peers. Fisker also announced plans to increase deliveries of its Ocean vehicle to 300 units per day.
- Tesla witnessed a 1% pre-market decline in its shares due to reports that the European Union is launching an investigation into the electric vehicle maker regarding its exports from China.
- Barclays shares saw a 2% increase after Morgan Stanley upgraded the U.K. bank's rating from equal weight to overweight. This upgrade was driven by growth in Barclays' credit card business and a positive outlook for its investment banking operations.
- DraftKings, a sports betting company, experienced a 3% pre-market surge in its stock price following an upgrade from JPMorgan, changing its rating from neutral to overweight. The upgrade was based on the belief that recent underperformance has created an appealing entry point for investors.
- Shares of Thor Industries, a recreational vehicle company, declined by 3% in pre-market trading due to the company's warning about an expected decline in net sales for the coming year. In its recently concluded quarter, Thor reported earnings per share of $1.68 on $2.74 billion of revenue, surpassing analyst expectations. However, despite its strong year-to-date performance, the company issued a cautious outlook.
United Natural Foods
- United Natural Foods saw a 17% drop in its shares before the market opened. The company projected earnings per share and adjusted EBITDA for the coming year below analysts' estimates, citing profitability challenges. Additionally, the fiscal fourth-quarter revenue fell short of analysts' expectations, as it did not meet the estimated $7.47 billion, according to StreetAccount.