Today's Pre-Market Stock Movers: WWE, BBBY, TSLA, SI and More
Gapping up
$World Wrestling Entertainment (WWE.US)$ +9.7% (Vince McMahon elected himself executive chairman of the company despite retiring last year due to a sexual misconduct scandal.)
$Lululemon Athletica (LULU.US)$ +1.8% (The company received an upgrade to overweight from equal weight by Wells Fargo, which cited its momentum and attractive share price.
$Sunrun (RUN.US)$ +1.71%, $Sunnova Energy International (NOVA.US)$ +4%, $First Solar (FSLR.US)$ +1.34%(Shares of the solar companies were upgraded by Wells Fargo to overweight from equal weight. Analysts cited an improved regulatory backdrop in 2023 and long-term tailwinds, including ESG mandates and government and corporate de-carbonization goals.)
Gapping down
$Bed Bath & Beyond Inc (BBBY.US)$ -12.4% (Its management said the company is low on cash and considering bankruptcy. KeyBanc dropped its price target to the stock from $2 to 10 cents, citing the concern of bankruptcy and weak fundamentals.)
$Tesla (TSLA.US)$ -6.4% (The electric-vehicle maker lowered prices for its Model 3 and Model Y vehicles in China.)
$Silvergate Capital (SI.US)$ -14% (The crypto-focused bank added to its Thursday losses following a downgrade from JPMorgan to neutral from overweight. The firm cited Silvergate's worse-than-expected deposit outflows and called into question the company's long-term profitability. )
$Costco (COST.US)$ -1% (The company reported solid sales number for December. Costco reported net sales of $23.8 billion in December 2022, an increase of 7% year over year.)
$Discover Financial Services (DFS.US)$ -1.5% (The consumer finance stocks were under pressure after being downgraded by Barclays to equal weight from overweight. Barclays analyst Mark Devries said in a note that these stocks are likely to fall if the economy enters a recession. )
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