Check out the companies making the biggest moves in premarket trading:
Tesla — Shares dropped 1.9% after Goldman Sachs became the latest Wall Street bank to downgrade the electric vehicle maker to neutral from buy. Goldman cited the difficult pricing environment for electric vehicles, as well as the stock’s recent run up, for the call.
Moderna — The drugmaker gained 2.5% following an upgrade by UBS to buy from neutral. The bank said the stock’s current valuation isn’t pricing in potential upside from other vaccines. UBS cut is price target to $191 from $221, which still implies 61% upside from Friday’s close.
Lucid — The EV maker popped 12% after it announced a partnership with Aston Martin to supply powertrain and battery systems to the British luxury carmaker. Aston Martin will give Lucid a 3.7% stake in the company and cash payments totaling $232 million.
Alphabet — The Google parent slid 1.4% after being downgraded by UBS to neutral from buy. The bank said the tech giant faces near-term revenue headwinds from new search competition and stiffer generative AI competition.
Pfizer — Shares slipped 2.4% after the drugmaker announced it was discontinuing the clinical development of its experimental obesity and diabetes drug, lotiglipron. Studies had shown elevated liver enzymes, although no participants reported any symptoms or side effects.
PacWest — The regional bank jumped nearly 6% following the announcement that Ares Management acquired $3.5 billion specialty finance portfolio from PacWest. The portfolio consists of high quality, senior secured, asset-backed loans.
Carnival — Shares were up 1.9% ahead of the company’s earnings, expected before the bell. Cruise stocks have been soaring as the industry rebounds from the Covid pandemic.