Explore the companies that are grabbing attention in premarket trading.
Discover Financial Services witnessed a 6.5% decline due to the resignation of CEO Roger Hochschild. The company announced that John Owen, a board member, will serve as the interim chief executive.
Turnstone Biologics experienced a premarket decline of 2.3%. Earlier today, investment firm Piper Sandler initiated coverage of the stock and gave it an overweight rating. Bank of America also began covering Turnstone today, with a buy rating.
D. R. Horton‘s shares surged 2.2% in premarket trading following the revelation from a securities filing that Warren Buffett’s Berkshire Hathaway has invested over $700 million in the company.
Hannon Armstrong Sustainable Infrastructure Capital witnessed a 2.1% climb after Bank of America upgraded its shares to buy. The firm anticipates that Hannon Armstrong will benefit from the Inflation Reduction Act tailwinds.
Phillips 66 experienced a 2% decrease in stock value after a downgrade from Bank of America, resulting from a perceived lower risk/reward skew.
Major financial firms on Wall Street, including Morgan Stanley, JPMorgan Chase, Bank of America, and Citigroup, showed a decline of approximately 1% in their stock prices. Fitch Ratings is reportedly considering another downgrade to the banking sector’s overall health. This potential downgrade may lead to individual downgrades for some of the nation’s top investment firms and banks.
Nvidia gained 1.5% before the market opened. UBS, Wells Fargo, and Baird increased their price estimates for Nvidia’s shares in the upcoming year. The stock rebounded by 7.1% on Monday, recovering from an 8.6% decline last week.
Cleveland-Cliffs experienced a premarket decline of over 1% following an 8.8% rally, marking its best day of 2023, after U.S. Steel rejected their $7.3 billion acquisition offer.
— Alex Harring and Jesse Pound, CNBC
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