Before the market opens, let’s take a look at the companies that are making headlines today.
Tesla and General Motors’ stocks are both on the rise in premarket trading, with gains of 5.7% and 5%, respectively. The reason for this increase is that General Motors announced its plan to use Tesla’s electric vehicle charging network and include Tesla’s North American Charging Standard port in its cars starting in 2025.
Leading glass materials maker, Corning, saw an increase of 3.2% after Morgan Stanley labeled the company’s business as “derisked.”
E-signature provider DocuSign reported higher earnings and revenue for the fiscal quarter which ended on April 30. This news, along with the announcement of new service offerings and C-suite hires, resulted in a 5% rise in premarket trading.
Shares of Adobe rose over 3% after Wells Fargo upgraded the stock to overweight.
Target, the retail giant, saw a dip of 1.3% after Citi downgraded the stock over concerns that sales may have peaked.
In electric vehicle company Nio, shares dropped by 2% in premarket trading after reporting a decrease of 0.2% in vehicle sales year over year. Moreover, vehicle margin and net loss also worsened year over year.
Exciting news comes from Sonoma Pharmaceuticals, whose stock soared nearly 33% after announcing a new application for its intraoperative pulse lavage irrigation treatment. This treatment could replace IV bags in some surgical procedures and will be available in Europe this year and in the United States commercially in 2024.
That’s all for now. Stay tuned for more updates.
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