Check out which companies are making headlines in pre-market trading. Li Auto, Tesla – Shares of the electric car makers fell more than 7% and 3%, respectively, after announcements of price cuts. Tesla has reduced the sticker price of its Model 3 in China, in addition to declines in other markets, Reuters reported. Li has reduced the prices of several models, including the newly launched MEGA SUV. US shares of Chinese electric car manufacturers Nio and Xpeng fell by more than 2%. Verizon – The telecom giant traded 1.5% higher as earnings per share came in above expectations. Verizon earned $1.15 a share, excluding items, in the first quarter, three cents more than the consensus forecast of analysts surveyed by FactSet. However, the New York-based company posted revenue of $33 billion, just below Wall Street's figure of $33.32 billion. Verizon also reaffirmed its full-year guidance on several measures. Riot Platforms – Shares of the Bitcoin mining company rose 5.9% on the back of JPMorgan Chase confirming its overweight rating. JPMorgan said it feels good about Riot's position as a leader in the bitcoin space following the company's analyst day. The call also comes on the heels of the cryptocurrency's fourth-ever “halving” event on Friday. Cryptocurrency Stocks – Other than Riot, several other Bitcoin-related names moved in the wake of the halving. Coinbase shares rose 2.2%, while Marathon Digital and Microstrategy shares rose more than 4%. Alcoa – The aluminum company added 1.2% after Morgan Stanley upgraded its shares to equal weight from underweight. Morgan Stanley pointed to a better risk-reward backdrop, resulting in improved profitability and more potential benefits from the inflation-reducing law. BLOCK – Shares rose 0.7% after Bank of America reiterated a buy rating on financial services stocks. The bank believes Block is currently trading at an attractive valuation after declining 9% year-to-date, and could see “significant multiple expansion” in the future. Euronet Worldwide – The fintech stock rose 1.7% after Citi upgraded to buy from neutral. While shares have fallen over the past month or so, the company is confident that Euronet can meet or exceed the high end of its earnings expectations. Hut 8 – Shares rose 2.6% after Benchmark initiated coverage of the data center operator with a buy rating, citing Hut 8's diversified business model and its large bitcoin holdings. The company's $12 price target suggests an upside of roughly 50% from Friday's close. — CNBC's Lisa Kailai Han, Ha Kyung Kim and Sarah Min contributed reporting
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