Thursday, April 25, 2024
Market Insider

World Wrestling Entertainment, Bed Bath & Beyond, Tesla, Costco

Chief Brand Officer and TV Personality of WWE, Stephanie McMahon delivers her keynote address at the opening of Sports Matters in conjunction with All That Matters 2016 in Singapore on September 14, 2016.

Roslan Rahman | AFP | Getty Images

Check out the companies making headlines in premarket trading.

World Wrestling Entertainment — Shares advanced 9.7% after Vince McMahon elected himself executive chairman of the company despite retiring last year due to a sexual misconduct scandal.

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Bed Bath & Beyond — The retailer dropped 12.4%, building on the sharp losses seen Thursday, after management said the company is low on cash and considering bankruptcy. KeyBanc dropped its price target to the stock from $2 to 10 cents, citing the concern of bankruptcy and weak fundamentals.

Tesla — Shares fell 6.4% after the electric-vehicle maker lowered prices for its Model 3 and Model Y vehicles in China.

Silvergate Capital – The crypto-focused bank added to its Thursday losses following a downgrade from JPMorgan to neutral from overweight. The firm cited Silvergate’s worse-than-expected deposit outflows and called into question the company’s long-term profitability. Shares dropped 14% premarket, after posting a 42% loss Thursday.

Costco — Shares of the wholesale retailer dipped more than 1% in premarket even after the company reported solid sales number for December. Costco reported net sales of $23.8 billion in December 2022, an increase of 7% year over year.

Lululemon — The athletic wear maker added 1.8% following an upgrade to overweight from equal weight by Wells Fargo, which cited its momentum and attractive share price. Meanwhile, Ulta lost 1.8% after getting downgraded to under weight from equal weight. Bath & Body Works shed 1.7% after the firm moved it to equal weight from overweight.

Sunrun, Sunnova, First Solar — Shares of the solar companies gained more than 1% each after being upgraded by Wells Fargo to overweight from equal weight. Analysts cited an improved regulatory backdrop in 2023 and long-term tailwinds, including ESG mandates and government and corporate de-carbonization goals.

Discover Financial, Synchrony Financial — The consumer finance stocks were under pressure after being downgraded by Barclays to equal weight from overweight. Barclays analyst Mark Devries said in a note that these stocks are likely to fall if the economy enters a recession. Discover dipped 1.5% in premarket trading, while Synchrony lost 1.8%.

— CNBC’s Yun Li, Tanaya Macheel, Jesse Pound and Michelle Fox contributed reporting

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