Workers are currently replacing a roller used to compress steel at the A&T Stainless steel plant in Midland, Pennsylvania, as seen on March 2, 2020.
Michael Rayne Swensen | Bloomberg via Getty Images
Take a look at the latest news from companies making waves in premarket trading.
U.S. Steel — Shares of the steel producer jumped over 26% in premarket trading following the rejection of a $7.3 billion buyout offer from rival Cleveland-Cliffs. U.S. Steel stated that it is currently exploring “strategic alternatives.” Cleveland-Cliffs’ shares remained unchanged.
Tesla — The stock of this electric vehicle manufacturer dropped 2.2% in premarket trading. This decline followed Tesla’s decision to lower the price of its Model Y long-range and performance models by 14,000 yuan in China, as announced on Weibo, a popular Chinese social media platform.
Okta — The stock of this identity management company saw a 5% increase before the market opened. Goldman Sachs raised Okta’s rating to “buy,” citing a favorable risk-reward ratio and expectations for increased subscription revenues.
Hawaiian Electric — The stock of this power company decreased by 2.2% before the market opened after Wells Fargo reduced its target price for the shares and reiterated its “underweight” rating. Wells Fargo linked the price target reduction to the risk of wildfires.
Keysight Technologies — The stock of this technology company plummeted by 2.2% after being downgraded by Bank of America from “neutral” to “underperform.” The downgrade was attributed to the expected deterioration in order trends. Keysight Technologies is set to release its earnings report for the fiscal third quarter on Thursday.
Urban Outfitters — The stock of this clothing retailer fell by 2.5% following a downgrade by Citi from “buy” to “neutral.” While Citi predicts that Urban Outfitters will report better-than-expected earnings next week, it believes that the risk/reward ratio is more balanced at the current levels. According to the firm, the turnaround for the Urban Outfitters brand will be slower, limiting the potential upside for earnings per share.
Parsons Corporation — The stock of this technology company climbed 2.5% in premarket trading after Bank of America double-upgraded its rating from “underperform” to “buy.” The firm emphasized that Parsons Corporation is experiencing better growth than initially anticipated.
EPR Properties — The stock of this real estate company dropped 1.3% before the market opened after being downgraded by Bank of America from “buy” to “neutral.” The downgrade was linked to EPR Properties’ exposure to movie theaters and the potential impact of the ongoing Hollywood strikes on its valuation multiple.
Nikola — The stock of this green truck manufacturer plummeted by 15% to $1.65 after announcing a recall of 209 electric trucks following an independent investigation into a fire incident in June. However, the company clarified that this recall does not impact its hydrogen fuel cell trucks.
— Samantha Subin, Hakyung Kim, Sarah Min, Tanaya Macheel, and Michelle Fox of CNBC contributed to this report.
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