Take a look at some of the biggest pre-market movers:
Ford (F), General Engines (GM) – UBS downgraded both automakers, cutting Ford from “sell” to “neutral” and downgrading GM from “neutral” to “buy.” UBS said the auto industry is rapidly moving towards oversupply of vehicles after three years of unprecedented pricing power. Ford slipped 3.6% in premarket while GM fell 3.5%.
Rivian (RIVN) – Rivian shares fell 9% in the pre-market after recalling nearly all of its vehicles to address potential steering issues. The electric car and truck maker said no injuries have been reported as a result of the issue.
Toast (TOST) – Mizuho has upgraded the restaurant-focused technology platform provider to “buy” from “neutral,” saying its research emphasizes the profit and sales potential of Toast’s services. Toast grew 3.3% pre-market.
You’re here (TSLA) – Tesla delivered more than 83,000 vehicles from its Shanghai plant last month, up 8% from August and its highest monthly total ever for the newly renovated plant. Tesla, however, lost ground in premarket trading after RBC cut its price target on the stock to $340 per share from $367 per share.
Stellantide (STLA) – Stellantis has signed a nickel and cobalt supply agreement with Australian mining company GME Resources as it prepares to secure key components for electric vehicle batteries. The automaker had signed a lithium supply deal earlier this year with Australia’s Vulcan Resources.
Kraft-Heinz (KHC) – Kraft Heinz rose 2% in premarket stock after Goldman Sachs upgraded the food maker’s stock to “buy” from “neutral.” Goldman said Kraft Heinz is one of the few consumer staples stocks where the prospect of higher profit margins is not yet fully priced into the stock.
Procter & Gamble (PG) – P&G shares fell 1.3% in premarket trading, following a Goldman Sachs downgrade of the consumer products giant’s shares from “neutral” to “buy.” Goldman’s updated view reflects valuation concerns and possible headwinds in market share.
Merck (MRK) – Merck rose 2.7% in the pre-market after Guggenheim upgraded stock to “buy” from “neutral.” The company said the drugmaker was poised to beat earnings consensus on strong growth prospects for key products, among other factors.