Tesla, Darden Restaurants, Anheuser-Busch InBev, Alcoa, and other stocks

Explore the top movers in premarket trading:

Tesla – The electric vehicle manufacturer’s shares declined over 3% before the market opening due to a downgrade by Morgan Stanley. The downgrade was a result of Tesla’s steep valuation following a recent AI-driven rally.

Darden Restaurants – The company, which operates Olive Garden and other restaurant chains, experienced a nearly 4% decline in premarket trading. Although Darden beat analysts’ expectations for earnings in the fiscal fourth quarter and had in-line revenue, its full-year earnings guidance exceeded estimates, and its revenue guidance surpassed Wall Street forecasts. Additionally, Darden increased its quarterly dividend and announced the retirement of Chairman Eugene Lee.

Overstock.com – Overstock’s shares surged nearly 10% in premarket trading after winning an auction for Bed Bath & Beyond’s digital assets and intellectual property, including the brand name. Overstock will pay $21.5 million, which was the minimum price set at the auction.

NRG Energy – The energy company’s shares rose 3% following a report by The Wall Street Journal that activist investor Elliott Investment Management is seeking the removal of CEO Mauricio Gutierrez and other top executives.

Anheuser-Busch Inbev – The beer giant saw a 2% increase after an upgrade from Deutsche Bank to “buy” from “hold.” Deutsche Bank mentioned that the stock’s current price only accounts for downside risk, ignoring the potential for recovery. Consumer demand for Bud Light is also expected to bounce back after concerns regarding its collaboration with transgender influencer Dylan Mulvaney.

Alcoa – Shares of the aluminum company dropped 3.5% in premarket trading after Morgan Stanley downgraded Alcoa from “equal weight” to “underweight.” The investment firm expressed concerns that Alcoa may fall short of estimates for a key profit metric in the upcoming quarters.

KB Home – Despite posting impressive earnings after the market closed on Wednesday, the homebuilder’s stock fell nearly 2% in response. KB Home reported second-quarter earnings per share of $1.94, surpassing analysts’ expectations of $1.33. The company also recorded revenue of $1.77 billion, compared to the estimated $1.42 billion. Despite these positive results, the stock has already gained over 60% this year.

Spirit Aerosystems – The supplier for Boeing experienced a 9% decline after announcing the suspension of production at its Kansas factory due to an upcoming strike by workers, starting on Saturday. As a result, Boeing’s shares also dropped by 3.4%. Spirit Aerosystems manufactures the fuselage for Boeing’s 737 Max, as well as the forward section of many other aircraft.

Accenture – Despite beating earnings and revenue expectations for its fiscal third quarter, the consulting company’s shares slid nearly 4%. However, Accenture forecasted lower revenue for fiscal 2023 in the range of 8% to 9% in local currency, compared to the previous estimate of 8% to 10%.

— Reporting contributed by Samantha Subin, Jesse Pound, and Alex Harring.