Look at the firms that are generating news in the premarket trade.
– Li Auto and Tesla, both electric vehicle makers, experienced declines of over 7% and 3% respectively due to price cuts. Tesla reduced the price of its Model 3 in China and other markets as reported by Reuters.
– Verizon, the telecommunications giant, saw a 1.5% increase in trading as its earnings per share surpassed expectations. The company reported earnings of $1.15 per share in the first quarter, three cents higher than the consensus forecast.
– Riot Platforms, a bitcoin miner, surged by 5.9% following JPMorgan Chase reiterating its overweight rating. JPMorgan expressed confidence in Riot’s position as a leader in the bitcoin industry after the company’s analyst day.
– Various other cryptocurrency stocks also experienced movement, with Coinbase rising 2.2%, and Marathon Digital and Microstrategy each climbing over 4% in response to the bitcoin halving event.
– Alcoa, the aluminum company, saw a 1.2% increase after Morgan Stanley upgraded its shares to equal weight from underweight. The upgrade was based on a more favorable risk-reward profile and improving profitability.
– Block shares rose by 0.7% after Bank of America reiterated its buy rating on the financial services stock. The bank believes that Block is currently trading at an attractive valuation and could see significant multiple expansion in the future.
– Euronet Worldwide, a financial technology stock, advanced by 1.7% following an upgrade to buy from neutral by Citi. Despite recent share price pullbacks, Euronet is expected to meet or exceed its earnings forecast.
Source (CNBC)
