Take a look at some of the biggest movers in the premarket:
Ford (F), General Motors (GM) – UBS downgraded both automakers, cutting Ford to “sell” from “neutral” and downgrading GM to “neutral” from “buy.” UBS said the auto industry is rapidly moving towards vehicle oversupply following three years of unprecedented pricing power. Ford slipped 3.6% in the premarket while GM fell 3.5%.
Rivian (RIVN) – Rivian shares tumbled 9% in the premarket after it recalled nearly all its vehicles to fix potential steering issues. The electric car and truck maker said no injuries have been reported as a result of the problem.
Toast (TOST) – Mizuho upgraded the restaurant-focused technology platform provider to “buy” from “neutral,” saying its research puts the profit and sales potential from Toast’s services in focus. Toast rallied 3.3% in the premarket.
Tesla (TSLA) – Tesla delivered more than 83,000 vehicles from its Shanghai factory last month, up 8% from August and its highest-ever monthly total for the recently upgraded plant. Tesla lost ground in premarket trading, however, after RBC cut its price target on the stock to $340 per share from $367 a share.
Stellantis (STLA) – Stellantis signed a nickel and cobalt supply agreement with Australian mining company GME Resources, as it moves to secure key components for electric vehicle batteries. The automaker had signed a lithium supply agreement earlier this year with Australia’s Vulcan Resources.
Kraft Heinz (KHC) – Kraft Heinz rose 2% in premarket action after Goldman Sachs upgraded the food maker’s stock to “buy” from “neutral.” Goldman said Kraft Heinz is one of the few consumer staples stocks where the prospect of higher profit margins is not yet fully priced into the stock.
Procter & Gamble (PG) – P&G shares declined 1.3% in premarket trading, following a Goldman Sachs downgrade of the consumer products giant’s shares to “neutral” from “buy.” Goldman’s updated view reflects valuation concerns and possible market share headwinds.
Merck (MRK) – Merck rose 2.7% in the premarket after Guggenheim upgraded the stock to “buy” from “neutral.” The firm said the drugmaker is poised to beat profit consensus on good growth prospects for key products, among other factors.