Stocks making the biggest moves premarket: Taiwan Semiconductor, Tesla, Carvana and more
Here are today’s top business stories you should know about before the market opens:
— The electric car company’s stock price rose nearly 1% following Goldman Sachs’ decision to raise its target price by $73 to $248 per share. This follows a positive second quarter with better than expected deliveries. Despite raising its price target, Goldman Sachs maintains a neutral stance on Tesla, indicating around a 5% potential drop from Tuesday’s closing price of $262.33.
Taiwan Semiconductor Manufacturing
— The stock of this chip manufacturer, serving AI leaders like Nvidia and Apple, increased by 2%. The company has reported revenues of T$673.51 billion for the April-June period this year, surpassing the T$654.27 billion expected, according to analysts polled by LSEG as per Reuters.
— 3M’s shares dipped by 1.2% following an announcement that the company’s CFO, Monish Patolawala, is leaving to explore a different opportunity, effective July 31.
— The stock of this online car platform soared 4.5% after Needham upgraded it from hold to buy, predicting Carvana to be a “profitable secular growth story” with increasing retail sales and gross profit per unit.
— Shares of the retail giant rose 0.3% as Jefferies listed the stock as a top pick due to its advancement in artificial intelligence. An anticipated 10.2% rise over the next year is predicted by the broker’s $77 price target.
— LegalZoom’s stock plunged over 25% after a downward revision in their full-year revenue forecast and the announcement of their CEO, Dan Wernikoff, leaving the company. Their revised revenue expectation is between $675 million and $685 million, down from a previous estimate of $700 million to $720 million.
— The music streaming company’s shares declined over 1% after a downgrade to neutral, with critics arguing that its revenue predictions are “too ambitious.”
