Stocks Making the Biggest Premarket Moves : U.S. Steel, Tesla, Urban Outfitters and More

Check out the companies making headlines in premarket trading.

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U.S. Steel— The steel producer's shares experienced a notable surge of over 26% in premarket activity. This surge came in response to U.S. Steel's decision to reject a $7.3 billion acquisition proposal from rival firm Cleveland-Cliffs on Sunday. U.S. Steel also communicated its ongoing assessment of "strategic alternatives." Conversely, Cleveland-Cliffs' shares remained unchanged.

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Tesla— In premarket trading, the electric vehicle company observed a decline of 2.2% in its stock value. This decline followed Tesla's decision to lower the prices of its Model Y long-range and performance models by 14,000 yuan in China. This update was conveyed through an official communication on the Chinese social media platform Weibo.

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Okta— The identity management company witnessed a 5% increase in its stock value ahead of the market opening. This surge in stock value was precipitated by a noteworthy event: Goldman Sachs upgraded Okta's shares to a buy rating. The upgrade was rooted in a favorable risk-reward assessment and optimistic expectations concerning an upturn in subscription revenues.

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Hawaiian Electric— Prior to market commencement, the power company's stock encountered a decline of 2.2%. This downturn was triggered by Wells Fargo's revision of the target price for Hawaiian Electric shares and a reaffirmation of its underweight rating. Wells Fargo attributed this adjustment to the perceived risk of wildfires.

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Keysight Technologies— The technology-oriented stock experienced a decline of 2.2% after a downgrade from Bank of America, which shifted its rating from neutral to underperform. This downgrade was based on the anticipation of deteriorating order trends. Notably, Keysight Technologies is scheduled to release its earnings report for the fiscal third quarter on Thursday.

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Urban Outfitters— In premarket activity, the clothing retailer's stock observed a decrease of 2.5% subsequent to a downgrade by Citi from buy to neutral. Although Citi foresees Urban Outfitters surpassing earnings expectations in its upcoming report, it posits that the balance between risk and potential reward is now more equitable at current levels. Citi's analysis suggests that the Urban Outfitters brand may undergo a slower recovery, which could curtail potential upside in earnings per share.

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Parsons Corporation— Ahead of market opening, the technology company's stock demonstrated an uptick of 2.5% following an uncommon double upgrade by Bank of America from underperform to buy. Bank of America's rationale for this upgrade centered on Parsons Corporation's stronger-than-anticipated growth prospects.

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EPR Properties— The real estate company's stock experienced a decline of 1.3% prior to market commencement due to a downgrade from Bank of America, which transitioned its rating from buy to neutral. Bank of America indicated that EPR Properties might encounter valuation pressure due to the ongoing Hollywood strikes, given the company's exposure to the movie theater sector.

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Nikola— Shares of the environmentally focused truck manufacturer underwent a substantial decline of 15% to $1.65 following the announcement of a recall involving 209 electric trucks. This decision emerged in the aftermath of an independent investigation into a June fire incident. It's important to note that this recall does not impact Nikola's hydrogen fuel cell trucks.

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