Take a look at the firms grabbing attention before the opening bell. Rivian Automotive earned a 3.3% increase in premarket share prices. Evercore ISI gave Rivian Automotive an upgrade, changing their rating to outperform instead of in line and raised their price target, suggesting the electric truck manufacturer has potential to reach the level of Tesla and BYD.
Sphere Entertainment saw its stock jump by more than seven percent after the entertainment and media conglomerate opened its Las Vegas venue on Friday night with a U2 show. Apart from concerts and shows, the Sphere also plans to host live sporting events. In contrast, Tesla experienced a dip of close to three percent following the revelation of a reduction in production during the third quarter, despite the company attributing the dip to a planned shutdown for upgrades. It failed to meet Wall Street's projections yet maintained its yearly goal of about 1.8 million cars. On the other hand, Insulet's stocks saw a three-point-four percent rise in premarket trading after Jefferies upgraded it from a “hold” rating to a “buy,” suggesting investors to capitalize on the recent underperformance. Sunnova Energy International saw its pre-market shares climb by one-point-five percent after UBS initiated coverage with a “buy” rating, predicting that the company’s demand for third-party owned residential solar systems would increase. Following D.A. Davidson’s upgrade of Clorox from “neutral” to “buy” - because of clarity over the effects of an August cyberattack - its stock rose three-point-three percent in pre-market trading. Meanwhile, the news of the U.S. release of “Renaissance: A Film by Beyoncé” in December sent AMC Entertainment stocks up two percent. However, SolarEdge Technologies saw a decrease of two-point-seven percent after Barclays downgraded it from “overweight” to “equal weight,” citing probable price cuts for the product in 2021. Nvidia’s shares increased by more than one percent after Goldman Sachs added the chipmaker to its Americas conviction list for the month, citing its persistence as the year’s market leader. FedEx had a pre-market uplift of half a percent after Susquehanna upgraded it from “neutral” to “positive,” considering the long-term chance to be greater than the near-term danger. Finally, JPMorgan changed its rating of Chubb Limited from “overweight” to “neutral,” resulting in its stock value decreasing by one-point-five percent. CNBC's Michelle Fox, Lisa Han and Jesse Pound also contributed to the reporting.
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