Check out the companies making headlines before the bell:
Rivian Automotive: The company's shares rose by 3.3% in premarket trading after Evercore ISI upgraded Rivian Automotive to "outperform" from "in line," and increased its price target. They suggested that the electric truck manufacturer could potentially become the next Tesla or BYD.
Sphere Entertainment: The stock saw a more than 7% jump following the opening of its Sphere venue in Las Vegas, featuring a performance by U2. This venue is set to host live concerts and sporting events.
Tesla: Shares of Elon Musk's electric vehicle company declined by nearly 3% after reporting a decrease in production for the third quarter. Although Tesla attributed the decline to a planned shutdown for upgrades, the production figure fell short of Wall Street expectations. Tesla, however, maintained its full-year goal of producing around 1.8 million vehicles.
Insulet: The medical device maker's shares gained 3.4% in premarket trading after Jefferies upgraded it from "hold" to "buy." They suggested that investors should take advantage of recent underperformance to increase their exposure to the company.
Sunnova Energy International: UBS initiated coverage of this solar company with a "buy" rating, leading to a 1.5% increase in premarket trading. UBS believes Sunnova is well-positioned to gain market share due to growing demand for third-party-owned residential solar systems. Their $16 price target implies a nearly 53% upside from Friday's closing price.
Clorox: The consumer products company saw a 3.3% rise in premarket trading following an upgrade from D.A. Davidson, moving from "neutral" to "buy." The investment firm expects Clorox's stock to rally as the company provides more clarity on the aftermath of an August cyberattack.
AMC Entertainment: Shares of the entertainment company increased by 2% ahead of the market open after announcing that "Renaissance: A Film by Beyoncé" would be distributed in the U.S. in December.
SolarEdge Technologies: The solar company's stock dropped by 2.7% after Barclays downgraded it from "overweight" to "equal weight." Barclays believes that price cuts for the company are "inevitable" next year.
Nvidia: Shares of Nvidia rose by more than 1% after Goldman Sachs added the chipmaker to its "Americas Conviction List" for the month. They expect this year's market leader to maintain its position and maintain a "buy" rating on the stock.
FedEx: The transportation company's stock rose by 0.5% in premarket trading after Susquehanna upgraded it from "neutral" to "positive." They believe the long-term opportunity is more significant than the near-term risk.
Chubb: Shares of Chubb Limited fell by 1.5% after JPMorgan downgraded the company from "overweight" to "neutral." They indicated that neither the commercial lines market nor the stock's valuation is as compelling.
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