Carvana, First Solar, Generac and more
Take a look at some of the biggest pre-market movers:
Carvana (CVNA) – Carvana has been downgraded to “sector performance” from “outperformance” at RBC Capital Markets, with the price target for the online car seller’s shares reduced to $138 per share from $155 per share . RBC is basing its call on both valuation and the potential difficulty in integrating its recent acquisition of car auction company Adesa. Carvana fell 3.4% premarket.
First Solar (FSLR) – The solar company’s stock fell 4.8% in premarket trading after Bank of America Securities downgraded it from “underperforming” to “neutral.” BofA said investors may be too optimistic about growth prospects and that a new Commerce Department anti-dumping investigation into Asian module makers is unlikely to boost pricing power.
Generac (GNRC) – The maker of standby generators and other energy-related equipment has been placed on the “Americas Buy List” at Goldman Sachs. Goldman points to a broad product portfolio, a growing distribution footprint, and the idea that many of Generac’s products are in the early stages of adoption. Generac gained 2.1% in premarket trading.
Carnival (CCL) – Carnival rose 3.6% in the pre-market after the cruise line operator said the seven-day period from March 28 to April 3 was the busiest week for cruises. new cruise bookings in company history.
Twitter (TWTR) – Twitter rose another 1.5% in premarket action after climbing 27.1% on Monday. This followed Tesla CEO Elon Musk’s revelation that he had taken a 9.2% stake in the social media company.
Nio (NIO) – Nio gained 1.1% in the pre-market following a Financial Times report that the China-based electric carmaker is talking to peers about licensing its technology battery exchange.
Farfetch (FTCH) – The luxury fashion e-commerce company will take a $200 million minority stake in Neiman Marcus as part of a global partnership.
Acuity Brands (AYI) – The maker of lighting products and building management systems reported quarterly earnings of $2.57 per share, 20 cents per share above estimates. Revenues also beat Wall Street forecasts. The company said it was able to offset significant increases in material and freight costs with price increases and productivity improvements.
Teva Pharmaceutical (TEVA) – The drugmaker has moved from “overweight” to “equal weight” at Barclays, which cited several factors, including increased estimates for Teva’s biosimilar version of the immunosuppressive drug Humira. Teva added 1.5% in premarket trading.