Stocks making the biggest moves premarket: Rivian, SolarEdge, Sphere Entertainment and more

Stocks making the biggest moves premarket: Rivian, SolarEdge, Sphere Entertainment and more

Check out the companies making headlines before the bell.

Rivian Automotive — Shares popped 3.3% in the premarket. Evercore ISI upgraded Rivian Automotive to outperform from in line and raised its price target, saying the electric truck maker could be the next Tesla and BYD.

The Sphere is seen during the opening night with the U2:UV Achtung Baby Live concert at the Venetian Resort in Las Vegas on Sept. 29, 2023.

Tayfun Coskun | Anadolu Agency | Getty Images

Sphere Entertainment — The stock jumped more than 7% after the entertainment and media company opened its Sphere venue in Las Vegas with a show from U2 on Friday night. The Sphere will host live concerts and sporting events.

Tesla — Elon Musk’s electric vehicle maker saw its shares slide nearly 3% after it reported a decline in production for the third quarter. Though the company said the decline was the result of a planned shutdown for upgrades, the production total fell short of Wall Street estimates. Tesla kept intact its full-year goal of about 1.8 million vehicles.

Insulet — Shares gained 3.4% in premarket trading. Jefferies upgraded the medical device maker to buy from hold, saying investors should take advantage of recent underperformance to add exposure.

Sunnova Energy InternationalUBS initiated coverage of the solar company with a buy rating, sending shares up 1.5% in premarket trading. The Wall Street firm believes Sunnova is well-positioned to take market share due to increasing demand for third-party-owned residential solar systems. Its $16 price target implies nearly 53% upside from Friday’s close. 

Clorox — The consumer products company rose 3.3% in premarket trading after D.A. Davidson upgraded Clorox to buy from neutral. The investment firm said Clorox’s stock could rally as the company gives investors more clarity about the fallout from an August cyberattack.

AMC Entertainment — Shares of the entertainment company moved up 2% before the bell after it announced “Renaissance: A Film by Beyoncé,” would be distributed in the U.S. in December.

SolarEdge Technologies — The solar stock dropped 2.7% after Barclays downgraded SolarEdge Technologies to equal weight from overweight, saying price cuts are “inevitable” next year for the company.

Nvidia — Shares rose more than 1% after Goldman Sachs added the chipmaker to its Americas conviction list for the month, saying this year’s market leader will maintain its position. The Wall Street firm has a buy rating on the stock.

FedEx — The stock rose 0.5% in the premarket. Susquehanna upgraded the transportation company to positive from neutral, saying the long-term opportunity is greater than the near-term risk.

Chubb — Shares fell 1.5% after JPMorgan downgraded Chubb Limited to neutral from overweight, saying neither the commercial lines market nor the stock’s valuation is as compelling.

— CNBC’s Michelle Fox, Lisa Han and Jesse Pound contributed reporting.

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