Before the bell, see which firms are in the news.
Tesla: Following a Reuters story stating that the electric car manufacturer intends to construct and manufacture automobiles priced at 25,000 euros ($26,859) in a factory close to Berlin, the stock of the electric vehicle firm increased by almost 2%. As Tesla aims to produce EVs at a lower cost, the move has been long anticipated.
Paramount Global: Following a downgrading from buy to underperform by Bank of America, shares of the company that owns Simon & Schuster and CBS TV fell by over 4%. If Paramount doesn’t think about selling off some of its properties, the investment group threatened to reduce its value. Following a 27% increase in the shares on Thursday and Friday due to a positive third-quarter report, the stock was downgraded.
The vacation time share provider Bluegreen Vacations had a spike in value of over 100% following their agreement to be sold to Hilton Grand Vacations for a cash price of $75 per share. The transaction is anticipated to be completed in the first half of 2024.
CallCentral — Before its earnings, which are expected on Monday after the bell, the cloud communications shares surged 3.9%. According to FactSet’s survey of analysts, the business had guided for earnings of 75 cents to 78 cents per share and revenue of $552 million to $556 million, but analysts predict earnings of 75 cents per share on $554.2 million.
Citizens Group The multinational bank’s stock rose 0.6%. As part of CEO Jane Fraser’s corporate transformation, internally dubbed “Project Bora Bora,” CNBC announced early on Monday that Citigroup aims to eliminate at least 10% of employment across several of its major businesses.
Dish Network — Premarket trading saw a 6.2% decline in shares as the company’s revenue and earnings fell short of Wall Street estimates, mostly due to significant declines in its pay-TV retail cellular customer base. LSEG, previously Refinitiv, reports that Dish lost 26 cents per share in the third quarter compared to analysts’ expectations of 5 cents per share. Along with this, Dish reported sales of $3.7 billion, missing the $3.72 billion experts had predicted. Effective November 13, the president and CEO of SATS will take over as Dish’s CEO resigned in accordance with the previously disclosed arrangement to merge with EchoStar.
Albemarle: UBS downgraded the chemical stock from a buy to a neutral recommendation and slashed its price objective by more than 40%. The stock fell 1.4% as a result. The bank sees a risk to lithium volume growth in the future, which might have an impact on Albemarle’s earnings.
Nvidia: Bank of America’s hopeful outlook for Nvidia’s upcoming quarterly earnings on November 21 helped the semiconductor company’s stock rise 1.1% in premarket trading on Monday. According to the bank, Nvidia should exceed quarterly projections and provide better guidance as investors seek to understand how U.S. limitations on the sale of cutting-edge AI technology to China will impact Nvidia’s operations.
Source (CNBC)
