Pre-market Movers: Tesla, Verizon, Block, Alcoa, and Others Set to Drive Market Action at Opening Bell
Pre-market trading indicates significant movement with Tesla, Verizon, Block, and Alcoa among key stocks to watch. These companies are poised to impact the market as trading opens, reflecting investor reactions to recent news and market conditions affecting these major players.
Here are the companies making headlines in premarket trading:
Li Auto, Tesla: Both electric vehicle makers saw declines of over 7% and 3%, respectively, following announcements of price cuts. Li Auto reduced prices on several models, including its newly launched MEGA SUV, while Tesla decreased the sticker price of its Model 3 in China and other markets.
Verizon: The telecommunications giant traded 1.5% higher after reporting earnings per share that beat expectations. While revenue slightly missed estimates, Verizon reaffirmed its full-year guidance for several measures.
Riot Platforms: The bitcoin miner surged 5.9% after JPMorgan Chase reiterated its overweight rating. JPMorgan expressed confidence in Riot's position as a bitcoin leader following the cryptocurrency's recent "halving" event.
Crypto stocks: Several bitcoin-related companies moved higher alongside Riot. Coinbase rose 2.2%, while Marathon Digital and Microstrategy each climbed over 4%.
Alcoa: The aluminum company gained 1.2% after Morgan Stanley upgraded its shares to equal weight from underweight, citing improving profitability and potential benefits from the Inflation Reduction Act.
Block: Shares rose 0.7% after Bank of America reiterated its buy rating, noting an attractive valuation and the potential for significant multiple expansion.
Euronet Worldwide: The financial technology stock advanced 1.7% following an upgrade from Citi to buy from neutral, with confidence in Euronet's earnings forecast.
Hut 8: Shares increased 2.6% after Benchmark initiated coverage with a buy rating, citing the company's diversified business model and substantial bitcoin holdings.
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