Stocks making the biggest moves premarket: Fisker, Tesla, United Natural Foods and more

Market Insider

The all-electric 4-door Convertible GT Fisker Ronin is revealed during its inaugural “Product Vision Day” in Huntington Beach, California, on August 3, 2023.
Frederic J. Brown | AFP | Getty Images

Check out the companies making headlines before the bell.

Fisker — Shares of the vehicle development company surged 4.1% premarket after Bank of America reinstated coverage with a buy rating. BofA said Fisker offers investors “pure-play exposure to the rapidly growing EV market” and that it has a lower-risk business model relative to EV peers. Fisker also said it plans to ramp up deliveries of its Ocean vehicle to 300 per day.

Tesla — Tesla shares slipped 1% before the market open on news that the European Union will reportedly probe the electric vehicle maker over its China exports.

Barclays — Barclays shares rose 2% after Morgan Stanley upgraded the U.K. bank to overweight from equal weight, citing growth in its credit card business and an improved investment banking outlook.

DraftKings — The sports betting stock jumped 3% before the bell after JPMorgan upgraded DraftKings to overweight from neutral, saying that the recent underperformance creates an attractive entry point for investors.

Thor Industries — Shares of the recreational vehicle company slipped 3% premarket after it warned that it expects net sales to decline in the coming year. For the quarter just ended, Thor posted $1.68 in earnings per share on $2.74 billion of revenue. Analysts surveyed by LSEG were looking for 96 cents in earnings per share on $2.42 billion of revenue. Thor had outperformed so far this year going into the report, climbing 26% year-to-date through Monday.

United Natural Foods — Shares sank 17% before the open. United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts’ estimates, citing profitability headwinds, and fiscal fourth quarter revenue that missed analysts’ $7.47 billion estimate, according to StreetAccount.

— CNBC’s Jesse Pound and Pia Singh contributed reporting