Stocks making the biggest moves premarket: Rivian, Rocket Lab, Hershey’s, Lowe’s and more
Check out the companies making headlines before the bell. Hershey — The chocolate maker fell 1% after Morgan Stanley downgraded shares to underweight from equal weight. The bank cited weak consumer demand and high cocoa inflation weighing upon margins. Rocket Lab — The stock rose around 1% after Citi reinstated coverage with a buy rating. Rocket Lab’s liquidity conditions have improved, according to Citi. A recent $515 million award by the Space Development Agency also suggests rising traction with the U.S. government, analyst Jason Gursky said. Teva Pharmaceutical Industries — Shares jumped 3% following an upgrade by Piper Sandler to overweight from neutral. Teva’s brand portfolio and improving capital structure makes it well-positioned for multiple recovery and expansion, per Piper Sandler. Lowe’s — The home improvement retailer added 1.7% after JPMorgan raised its rating on shares to overweight from neutral. Expected rate cuts from the Federal Reserve later this year will lower mortgage rates — and provide a boost to Lowe’s, the bank said. XPO — Shares of the shipping company slipped 2.4% following a downgrade by Morgan Stanley to underweight from equal weight. The bank said optimism around XPO’s purchase of bankrupt Yellow Corp’s service centers in December may be inflated. Urban Outfitters — Shares rose more than 2% after an upgrade from UBS ahead of the retailer’s fourth-quarter earnings release slated for this month. The bank expects an earnings per share beat and solid sales momentum. Rivian Automotive — The stock sank 3.5% following a downgrade from Barclays to equal weight from overweight. The bank cited the slowdown in the electric vehicle market and Rivian’s implied profit risk among the reasons for the call. New York Community Bancorp — Shares rose 1.2%, extending gains from Friday —when the regional bank stock surged nearly 17% after New York Community Bancorp insiders used their own money to buy shares of the troubled firm. On Monday, Bank of America Securities reiterated a neutral rating on the stock, but noted leadership has “the playbook to turn things around.” Marqeta — Shares of the card issuing technology company rose 6.5% premarket after a Bank of America upgrade to buy from neutral on Monday. BofA said the stock’s recent pullback is overdone, and there are plenty of reasons to buy it now. Big Lots — Shares tumbled more than 11% after Loop Capital downgraded them to sell from hold. The discount retailer has lost customer relevance and is struggling with a worsening financial situation, according to Loop. — CNBC’s Michelle Fox, Sarah Min and Tanaya Macheel contributed reporting
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