Stocks Making The Biggest Premarket Moves: Tesla, Darden Restaurants, Anheuser-Busch, Alcoa & More

Here are the notable movements in premarket trading for several companies:

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Tesla: Prior to the market opening, Tesla's shares experienced a decline of over 3% following a downgrade by Morgan Stanley. The investment bank cited the electric vehicle manufacturer's high valuation resulting from its recent rally driven by artificial intelligence.

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Darden Restaurants: The parent company of Olive Garden and other restaurant chains saw a nearly 4% decrease in premarket trading. Although Darden surpassed earnings expectations for the fiscal fourth quarter according to analysts polled by Refinitiv, its revenue aligned with expectations. The company's full-year earnings guidance fell within the higher end of the consensus estimate provided by analysts polled by FactSet. Moreover, Darden's revenue guidance surpassed Wall Street's forecasts. The company also announced an increase in its quarterly dividend and the retirement of Chairman Eugene Lee.

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Overstock.com: In premarket trading, Overstock.com observed an increase of nearly 10% after winning the auction for Bed Bath & Beyond's digital assets and intellectual property, including the brand name. Overstock.com will pay $21.5 million, which was the minimum price set at the auction.

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NRG Energy: Following a report by The Wall Street Journal stating that activist investor Elliott Investment Management is seeking to remove CEO Mauricio Gutierrez and other top executives, NRG Energy witnessed a 3% increase in its shares.

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Anheuser-Busch Inbev: The beer giant experienced a 2% gain after being upgraded by Deutsche Bank from hold to buy. The investment firm mentioned that the stock is currently pricing in only downside risk, disregarding the potential for recovery. Furthermore, consumers may inevitably return to Bud Light after the controversy surrounding its collaboration with transgender influencer Dylan Mulvaney.

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Alcoa: In premarket trading, shares of the aluminum company declined by 3.5% after being downgraded by Morgan Stanley from equal weight to underweight. The investment firm highlighted in a note to clients that Alcoa could potentially fall short of estimates on a key profit metric in the upcoming quarters.

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KB Home: Despite posting strong earnings after the bell on Wednesday, the homebuilder experienced a nearly 2% decrease. Second-quarter earnings per share exceeded analysts' expectations polled by Refinitiv, coming in at $1.94 compared to the projected $1.33. Similarly, revenue reached $1.77 billion, surpassing the expected $1.42 billion. Despite these positive results, the stock has already increased by over 60% this year.

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Spirit Aerosystems: The supplier for Boeing witnessed a decline of approximately 9% after announcing the suspension of production at its Kansas facility due to an upcoming workers' strike starting on Saturday. This development also caused a 3.4% drop in Boeing shares. Spirit Aerosystems is responsible for manufacturing Boeing's 737 Max fuselage, as well as the forward section of many of its other aircraft.

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Accenture: Despite reporting an earnings and revenue beat for the consulting company's fiscal third quarter, shares of Accenture slid nearly 4% in premarket trading.

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