Prism Stocks making the biggest moves premarket: Tesla, Paramount, Domino’s, Southwest Airlines and more

Here’s a quick look at the corporate highlights making waves before the market opens:

Tesla – The electric auto manufacturer’s shares catapulted by over 10% in premarket trading. This surge came after local regulatory bodies in China lifted previous limitations imposed on Tesla’s vehicles. Market watchers expect the firm’s advanced Full Self-Driving software to be available in China soon.

Paramount – The entertainment heavyweight’s shares rose by a substantial 5% after rumors circulated about the company’s board planning to terminate CEO Bob Bakish as early as Monday. The company is also set to announce its earnings on the same day.

Domino’s Pizza – The popular pizza chain’s shares bounced by over 5% following a strong Q1 performance. Domino’s revealed a $3.58 EPS, easily surpassing the analysts’ prediction of $3.39 (polled by LSEG). Furthermore, their same-store sales showed a favorable year-on-year growth.

Southwest Airlines – The airline’s shares saw a minor slump of 1.2%. This came after Jefferies revised its rating from ‘hold’ to ‘underperform’. Sheila Kahyaoglu, an analyst at Jefferies, recommended a change in strategy following the company’s lower-than-expected first-quarter RASM.

Apple – Positive news for the tech giant as Bernstein upgraded its rating from ‘market perform’ to ‘outperform’. The shares experienced a 2% uptick. Analyst Toni Sacconaghi suggested that fears around recent downturns in China may be excessive and this could be the right time to “buy the fear.”

Lululemon – The sports apparel retailer’s shares descended by 1.6%. This happened post-Barclays’ downgrade from ‘overweight’ to ‘equal weight’ amid changing consumer spending patterns and enhanced market competition.

SoFi – Good times for the consumer fintech firm as its shares rose by over 2% following a better-than-expected Q1 earnings report. SoFi reported a positive EPS of 2 cents on $581 million revenue, beating the LSEG estimates.

AMC Entertainment – The theatre behemoth’s shares dipped slightly by over 1% following a preliminary Q1 loss announcement of 62 cents per share, which was still a better figure than FactSet’s estimate of 79 cents per share. The company also projected continuing second-quarter box office performance pressure due to the previous year’s strikes.