Stocks making the biggest moves premarket: Nvidia, Levi Strauss, EVgo and more

Take a look at the corporations creating buzz prior to the opening bell.

Wolfspeed

• This semiconductor shares took a 5% dive due to a downgrade from neutral to underperform at Mizuho. The firm anticipates that the cost of silicon carbide, a semiconductor material used in electric vehicles (EVs), will decrease by around 10% to 20% year on year in 2025. Furthermore, Mizuho pointed to lesser EV production expectations in the second half of this year and the following one as potential obstacles for Wolfspeed.

Nvidia

• Following CEO Jensen Huang’s conversation with CNBC’s “Closing Bell: Overtime,” the artificial intelligence (AI) chip powerhouse saw more than a 1% rise in its shares. Huang claimed the company was experiencing an “insane” demand for its forthcoming AI graphics processor, Blackwell, assuring that it’s on track to ship in the fourth quarter.

Hims & Hers Health

• The telehealth firm saw a nearly 9% drop after the U.S. Food and Drug Administration announced the resolution of the Eli Lilly’s GLP-1 treatments shortage. Hims & Hers Health had formerly prepared compound versions of the weight-loss drugs due to the shortage.

EVgo

• The electric vehicle charging firm’s shares went up by over 9% following an upgrade to overweight by JPMorgan. Analyst Bill Peterson singles out EVgo’s utilization rate against its competitors and its business model as growth triggers.

Levi Strauss

• The denim brand’s shares dipped by 12% after lowering its annual revenue prediction and reporting fiscal third-quarter revenue fell short of analysts’ projections. The company is also weighing up the possibility of selling its underperforming Dockers business.

Constellation Brands

• The beverage firm witnessed a slight climb backed by better-than-anticipated fiscal second-quarter earnings. Constellation Brands profited $4.32 per share, exceeding a StreetAccount forecast of $4.08 per share. Despite a minor miss on revenue, landing at $2.92 billion instead of the expected $4.08 per share, they repeated their full-year earnings per share prediction.

Stellantis

• Shares of this automaker fell over 3% before the market opened following a downgrade from overweight to equal weight by Barclays. According to analyst Henning Cosman, the reason for this was “a failure to promptly recognize its US inventory issue and diminishing EU/US market shares.”