Check out the companies making headlines in premarket trading.
carmax — Shares of the used car seller fell 4.8% after JPMorgan downgraded them to underweight, investors said. Not fully pricing in the risks The buzz around the company and hopes of a recovery seem “premature.” CarMax fell 53% in 2022 but is up 18% since its disappointing quarterly results in December.
sales force – The software giant fell nearly 3% after Bernstein downgraded shares to underperform the market, saying they are falling into “growth rectification” and may have difficulty getting out of it. This comes a week after the company announced plans to reduce staff. According to Bernstein, shares could drop another 20%.
coinbase – Shares of the cryptocurrency service provider are down nearly 3% downgrade from bank of america, who said that the consensus estimate on Coinbase is “too high” given the current crypto outlook. This came a day after the company announced a second round of layoffs, including about 950 jobs, a fifth of the company’s. Coinbase shares plunged 86% in 2022 as macro conditions and scandals dragged down the crypto market.
Tesla – Tesla shares rose 2% after the EV maker registered with the state of Texas Expand your electric vehicle factory in Austin this year. Separately, Goldman Sachs also named the stock as a top pick for 2023.
Levi Strauss & Company — Shares of the clothing company declined 2.2% after Citi downgraded the stock to neutral from buy. The firm cited weak denim trends which could put pressure on the company in the near to medium term.
warner bros discovery — Guggenheim upgraded the media company to buy from neutral Wednesday, citing an attractive risk/reward and narrative for the first half of the year. Warner Bros. Discovery rose 1.75% in the premarket after gaining 8% on Tuesday.
toll brothers — Shares of the homebuilder rose nearly 2% after Bank of America upgraded Toll Brothers to buy from neutral, noting: “TOL will face incremental headwinds from stimulus and changes through the year.” But this will be offset by lower input costs, particularly wood.”
Wells Fargo Wells Fargo is Reducing Your Footprint in the Mortgage Market As the bank manages the impact of regulatory pressure and higher rates on housing. The company was once the nation’s largest mortgage lender. It will now limit home loans to existing customers and borrowers from minority communities. Shares were less than 1% premarket.
Southwest Airlines Susquehanna downgraded the airline from positive to neutral, citing operational slowdowns during the recent winter storm. The South West Premarket lost 1.55%.
Walt Disney – Disney Revised your pricing policies At its domestic theme parks, making several modifications to its reservation and ticketing system, as well as its annual pass membership perks, to make it easier for loyal customers to participate. Shares were less than 1% premarket.
— CNBC’s Samantha Subin, Michelle Fox, Jesse Pound and Alex Harring contributed reporting