Stocks making the biggest moves premarket: World Wrestling Entertainment, Bed Bath & Beyond, Tesla, Costco and more
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