A Tesla car dealership in Austin, Texas, on May 31, 2023.
Brandon Bell | Getty Images
Check out the companies making the biggest moves in pre-market trading:
tesla – Shares fell more than 3% in premarket trading after Morgan Stanley downgraded the electric car maker to equal weight, citing its stretched valuation following a recent artificial intelligence-fueled rally.
Darden Restaurant — The company behind Olive Garden and other restaurant chains fell nearly 4 percent before going public. Darden beat analysts polled by Refinitiv for fiscal fourth-quarter earnings expectations, while revenue was in line. Its full-year earnings guidance put analysts surveyed by FactSet at the high end of the company-wide consensus. Meanwhile, Dutton’s revenue guidance topped Wall Street expectations. The company also increased its quarterly dividend and announced the retirement of chairman Eugene Lee.
Overstock Network — Shares rose nearly 10% in premarket trading after the e-commerce discounter won an auction for Bed Bath & Beyond’s digital assets and intellectual property, including its brand name. Overstock will pay $21.5 million, the reserve price set at the auction.
NRG Energy — Energy companies in The Wall Street Journal reports Activist investor Elliott Investment Management is seeking to oust Chief Executive Mauricio Gutierrez and other executives.
Anheuser-Busch InBev — The beer giant rose 2% after being upgraded to buy from hold by Deutsche Bank. The Wall Street firm said the stock is pricing in only downside risks and no recovery expectations. Consumers may also inevitably return to Bud Light after fleeing a collaboration with transgender influencer Dylan Mulvaney.
Alcoa — Shares of the aluminum company fell 3.5% in premarket trading after Morgan Stanley downgraded Alcoa to underweight from equal weight. In a note to clients, the investment firm said Alcoa may miss expectations for a key profit metric in the coming quarters.
Knowledge Base Home — The homebuilder fell nearly 2% despite posting solid earnings after the bell on Wednesday. Earnings per share were $1.94 in the second quarter, topping the $1.33 expected by analysts polled by Refinitiv. Revenue was $1.77 billion, compared with expectations for $1.42 billion. The stock has risen more than 60% this year.
Spirit Aviation Systems — Shares of Boeing supplier down about 9 percent discontinued The Kansas factory after it was announced that workers would go on strike starting Saturday. Boeing Shares also fell 3.4%. Spirit Aerosystems manufactures the Boeing 737 Max fuselage, as well as the fronts of many other aircraft.
Accenture — Shares fell nearly 4% even as the consulting firm beat expectations on third-quarter earnings and revenue. However, Accenture also said it expects fiscal 2023 revenue to be in the range of 8% to 9% in local currencies, compared with 8% to 10% previously.
— CNBC’s Samantha Subin, Jesse Pound and Alex Harring contributed reporting.