Stocks making the biggest moves before the bell: U.S. Steel, Tesla, Urban Outfitters and more

by | Aug 14, 2023 | Financial

Workers replace a roller that compresses steel at the A&T Stainless steel plant in Midland, Pennsylvania, March 2, 2020.Michael Rayne Swensen | Bloomberg via Getty ImagesCheck out the companies making headlines in premarket trading.U.S. Steel — Shares of the steel producer surged more than 26% premarket after it rejected a $7.3 billion buyout proposal on Sunday from rival Cleveland-Cliffs and said it’s reviewing “strategic alternatives.” Cleveland-Cliffs shares were flat.Tesla — The electric vehicle stock fell 2.2% in premarket trading. The move comes after Tesla lowered the price in China on its Model Y long-range and performance models by 14,000 yuan, according to a company post on Chinese social media platform Weibo.Okta — The identity management company’s stock popped 5% before the bell. Goldman Sachs upgraded shares of Okta to a buy rating, citing a favorable risk reward and expectations for an inflection in subscription revenues.Hawaiian Electric — The power stock slipped 2.2% before the bell after Wells Fargo pulled back its target price for shares and reiterated its underweight rating. Wells Fargo tied the price target cut to the wildfires risk.Keysight Technologies — The tech stock dropped 2.2% following a Bank of America downgrade to underperform from neutral, citing the likelihood of worsening order trends. Keysight’s earnings report for the fiscal third quarter is slated for release Thursday.Urban Outfitters — The clothing retailer shed 2.5% following a downgrade by Citi to neutral from buy. While the Wall Street firm expects an earnings beat when Urban Outfitters reports next week, it believes the risk/reward is more balanced at current levels. The Urban Outfitters brand will be slower to turn around, ultimately limiting possible upside to earnings per share, the firm wrote.Parsons Corporation — The technology stock climbed 2.5% in premarket trading following a rare double-upgrade in rating to buy from underperform by Bank of America. The firm said Parsons has better growth than expected.EPR Properties — The real estate stock shed 1.3% before the bell after a downgrade to neutral from buy by Bank of America. The firm said EPR can face pressure on its multiple as a result of the Hollywood strikes given its exposure to movie theaters.Nikola — Shares of the green truck maker dropped 15% to $1.65 after it announced a recall of 209 electric trucks following an independent investigation of a June fire. The company said this doesn’t impact its hydrogen fuel cell trucks.— CNBC’s Samantha Subin, Hakyung Kim, Sarah Min, Tanaya Macheel and Michelle Fox contributed reporting …

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