The all-electric four-door Convertible GT Fisker Ronin is revealed during its inaugural Product Vision Day in Huntington Beach, California, on Aug. 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% during premarket trading 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 EV 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% during premarket trading after it warned that it expects net sales to decline in the coming year. For the quarter that just ended, Thor posted $1.68 in earnings per share on $2.74 billion of revenue. Analysts surveyed by LSEG, formerly known as Refinitiv, 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 market 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.