Wednesday, July 24, 2024

X, TSLA, URBN and more

Workers replace a steel press roller at the A&T Stainless Steel plant in Midland, Pennsylvania, on March 2, 2020.

Michael Raine Swenson | Bloomberg via Getty Images

Check out the companies making headlines in premarket trading.

American steel – The steelmaker’s shares rose 26% premarket after rejecting a $7.3 billion buyout offer from a rival on Sunday. Cleveland-Cliffs And it said it was reviewing “strategic alternatives.” Cleveland-Cliffs shares were flat.

Tesla – Electric vehicle shares fell 2.2% in premarket trading. The move comes after Tesla cut the price of its Model Y long-range and performance models in China by 14,000 yuan, according to a company post on Chinese social media site Weibo.

Octa – The identity management company’s stock rose 5% before the hour. Goldman Sachs upgraded Okta’s stock to a buy rating, citing expectations for a favorable risk reward and an increase in subscription revenue.

Hawaii Electric – Power stock fell 2.2% before the bell after Wells Fargo withdrew its target price for shares and reiterated its underweight rating. Wells Fargo linked the price target cut to wildfire risk.

Keysight Technologies – Tech stocks fell 2.2% after Bank of America underperformed from neutral, citing the possibility of worsening order trends. Keysight’s earnings report for the third quarter of the fiscal year It is scheduled to be released on Thursday.

Urban clothes – The apparel retailer fell 2.5% after being downgraded from buy to neutral by Citi. While the Wall Street firm expects an earnings beat when Urban Outfitters reports next week, it believes the risk/reward is more balanced at current levels. The company wrote that the Urban Outfitters brand will be slow to turn around and ultimately limit upside in earnings per share.

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Parsons Corporation – Tech stocks rose 2.5% in pre-market trading following a rare double-upgrade from underperform to buy by Bank of America. Parsons had better-than-expected growth, the company said.

EPR properties – Real estate stocks fell 1.3% before the bell. The company said EPR could face pressure on its strength as a result of the Hollywood strikes’ exposure to movie theaters.

Nicola – Shares of the green truck maker fell 15% to $1.65 after announcing a recall of 209 electric trucks in a row. Independent inquiry into June fire. The company said it will not affect its hydrogen fuel cell trucks.

— CNBC’s Samantha Subin, Hakyung Kim, Sarah Min, Tanaya Machil and Michelle Fox contributed reporting

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