Here are the companies making headlines in premarket trading:
1. Tesla
Shares soared nearly 3% after Morgan Stanley’s Adam Jonas named it a top pick in U.S. autos, forecasting a potential 50% bounce for the electric vehicle manufacturer.
2. Southwest Airlines
Shares fell 2% following a downgrade by JPMorgan to underweight from neutral, with analyst Jamie Baker expressing concerns over the airline’s valuation and long-term profitability.
3. Crypto Exchanges
Coinbase and Robinhood stocks increased by 9% and 8%, respectively, after President Trump revealed details about a new U.S. strategic crypto reserve, which will include not only bitcoin but also ether and other assets like XRP, SOL, and ADA. MicroStrategy shares rose 13%.
4. Allegro MicroSystems
Shares surged 15% amid reports of takeover interest from ON Semiconductor. The deal could draw further interest from other suitors seeking to enhance their automotive capabilities. ON Semiconductor’s shares gained about 1%.
5. Capri Holdings
Shares jumped almost 8% after reports suggested that Prada is close to acquiring Versace for approximately €1.5 billion ($1.6 billion) from Capri Holdings, with a potential deal closure this month.
6. Aurora Innovation
Shares rose nearly 9% after Morgan Stanley started coverage with an overweight rating, highlighting the transformative earnings potential in autonomous trucking that Aurora is poised to exploit.
7. AppLovin
Shares gained nearly 6% following news of changes to its buyback program.
8. Mosaic Company
Shares rose nearly 3% after JPMorgan upgraded the agricultural chemicals company from neutral to overweight, predicting price increases in key fertilizer categories by 2025.
9. Chipotle Mexican Grill
Shares increased by 2% after Morgan Stanley upgraded the stock to overweight, citing it as an attractive entry point for investors.
10. SanDisk
Shares added 2% as Morgan Stanley initiated coverage with an overweight rating, projecting a 90% potential rally over the next year despite short-term challenges.
11. Okta
Shares gained 2% ahead of the company’s fiscal fourth-quarter earnings report, which is set to be released after market close on Monday.
Source (CNBC)
