Global Courant 2023-05-30 20:53:21
A ChargePoint station at the New Carrollton Branch Library, New Carrollton, Maryland.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Check out the companies making some of the biggest moves in premarket trading.
Charging station — Shares of the electric vehicle charging company rose 5% premarket after Bank of America upgraded the stock to buy. The Wall Street firm called ChargePoint a best-in-class way to play up the EV charging theme, highlighting the company’s scale and diversity as keys to sustainable growth.
Ford engine — Shares of the automaker rose more than 2% after Jefferies upgraded shares, saying the automaker has a strong plan and management that can help it close the gap with rivals. The analyst also raised his price target for the stock, implying they could rise more than 30%.
Tesla — Stocks gained 3% premarket. On Monday, Reuters reported that a private jet belonging to CEO Elon Musk has arrived in China. Musk is expected to meet senior Chinese officials and visit Tesla’s factory in Shanghai, Reuters said. Last Thursday, Tesla and Ford announced a partnership that will give Ford owners access to Tesla Superchargers.
Coin base — Stocks gained 4% in premarket trading. On Tuesday, Atlantic Equities upgraded Coinbase from neutral to overweight. Analyst Simon Clinch maintained his $70 price target, implying a 23% increase from Friday’s close.
Nvidia — Stocks remained near $1 trillion in market value, up 3.7% in premarket trading. The artificial intelligence semiconductor company has boomed since its blockbuster earnings report last Wednesday.
C3.ai — AI stocks built on their post-Nvidia earnings gains, with C3.ai up 8.7%. UiPath gained 6.4% and Palantir Technologies led by 6.2%. C3.ai will publish its next quarterly results on Wednesday.
Advanced micro devices — Semiconductor stocks continued to rise after Nvidia’s gains last week. AMD added 3.4%, Qualcomm gained 2% and Broadcom was up 1.8%. Intel, which initially fell on Nvidia’s earnings, gained 3%.
Paramount Global — The media share rose 2.4% on Tuesday morning, up nearly 6% from Friday. The company’s majority owner, National Amusements, announced a $125 million preferred stock investment from BDT Capital Partners last week.
– CNBC’s Jesse Pound, Tanaya Macheel and Yun Li contributed to the reporting.
