Stocks making the biggest premarket moves: Advance Auto Parts, Icahn Enterprises, Meta, Fisker and more
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An exterior view of the Advance Auto Parts store at the Sunbury Plaza.
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Check out the companies making the biggest moves before the bell:
Advance Auto Parts — Advance Auto Parts declined 2.4% in the premarket after Atlantic Equities on Monday downgraded the stock to underweight, and cut its price target to $50. That represents about 28% downside. Analyst Sam Hudson said the firm’s “ongoing weak performance as indicative of structural challenges and significant share losses.”
Icahn Enterprises — Shares popped 10% following a Wall Street Journal report that Carl Icahn untied his personal loans from the stock price, in response to recent attacks by a short seller that alleged “inflated” asset valuations.
Meta Platforms — Shares of the social media company rose about 1% in premarket trading. Meta’s new online platform Threads has attracted over 100 million users since its launch last Wednesday, according to the tracking site, Quiver Quantitative. CEO Mark Zuckerberg said last week the rapid growth was “way beyond our expectations.”
Cava — The restaurant chain gained 3% after JPMorgan initiated coverage of the stock with an overweight rating and $45 price target, suggesting nearly 14% upside from Friday’s close. The firm cited Cava’s well-capitalized business model and total addressable market opportunity for the call.
Fisker — The electric vehicle maker’s stock rose less than 1% after the company announced a $340 million convertible note offering, with the potential to increase it to $680 million. Fisker said it intends to use the net process for general corporate purposes, including working capital, an additional battery pack line and the development of future products.
Charles Schwab — Shares of the brokerage firm rose 1.9% in premarket trading after JMP upgraded Schwab to market outperform from market perform. The firm said in a note to clients that Schwab should benefit from stabilizing cash-sorting trends and low expectations heading into earnings season.
Shockwave Medical — The stock added 2.8% after being upgraded by Morgan Stanley to overweight from in-line. The firm said it expects a solid improvement in outpatient reimbursement.
— CNBC’s Yun Li, Sarah Min and Jesse Pound contributed reporting.
