Prism Stocks making the biggest moves before the bell: Tesla, Verizon, Block, Alcoa and more
Here’s a glimpse of the companies creating a buzz in premarket trading.
— Following announcements of price reductions, these electric vehicle creators saw their shares dip by more than 7% and 3% respectively. Reuters reported that Tesla lowered the price tag of its Model 3 in China, in addition to cuts in other markets. Li Auto reduced prices on a broad range of models, including the recently launched MEGA SUV. Shares of Chinese electric vehicle manufacturers Nio and Xpeng also dropped over 2%.
— The telecom behemoth’s shares rose by 1.5% as it reported earnings that exceeded expectations. Verizon declared a profit of $1.15 a share (minus items) in Q1, three cents above FactSet’s surveyed analysts’ consensus forecast. Despite a slight miss on the Wall Street’s estimated revenue of $33.32 billion, coming in at $33 billion, the New York-based firm reiterated its yearly guidance on several factors.
— The bitcoin mining company surged by 5.9% following JPMorgan Chase’s reaffirmation of its overweight rating. JPMorgan is confident about Riot’s standing as a bitcoin frontrunner, following the company’s analyst day presentation and the cryptocurrency’s fourth “halving” event.
Crypto stocks — In addition to Riot, Coinbase, Marathon Digital, and Microstrategy, other names tied with bitcoin also rose following the halving, increasing 2.2% and over 4% respectively.
— The aluminum producer’s shares grew by 1.2% after Morgan Stanley upgraded its rating from underweight to equal weight. The decision was influenced by a more attractive risk-reward scenario, improved profitability, and potential gains from the Inflation Reduction Act.
— The financial services stock increased by 0.7% after Bank of America reiterated its buy rating. The bank anticipates significant growth for Block, which is currently considered undervalued following its 9% pullback this year.
— The fintech stock surged 1.7% after Citi upgraded its rating from neutral to buy. Despite a recent drawback, the firm trusts in Euronet’s ability to reach or surpass the high end of its earnings projection.
— The data center operator’s shares climbed 2.6% following Benchmark’s initiation of coverage with a buy rating. It cited Hut 8’s diversified operations and substantial bitcoin assets. The firm set a $12 price target, indicating approximately a 50% upside from Friday’s closing price.
