Stocks making the biggest moves premarket: Tesla, ViaSat, Pinterest, Nucor, AZEK and more
Check out the companies making headlines before the bell. AZEK — Shares of the outdoor products manufacturer soared 23% after cement manufacturer James Hardie Industries said it would acquire AZEK in a cash and stock deal totaling around $9 billion. James Hardie stock tumbled 11%. Pinterest — The social media stock added nearly 5% following an upgrade to buy from neutral at Guggenheim. Analyst Michael Morris said that a recent pullback has opened up an attractive entry point for investors. ViaSat — Shares gained 4% after Deutsche Bank upgraded the satellite stock, which competes with Elon Musk’s Starlink, to a buy rating from hold. Analyst Edison Yu wrote that he saw “multiple paths for the company to create equity value by materially deleveraging its balance sheet through asset monetization.” Steel Dynamics , Nucor — The steel stocks each added 2% following upgrades to buy from neutral at UBS. As a catalyst, analyst Andrew Jones pointed to the current administration’s strong tariff protection for the U.S. steel and aluminum industries, which has contributed to a rally in prices. 23andMe — Shares plunged 44% after the DNA testing company filed for Chapter 11 bankruptcy to help sell itself. CEO and co-founder Anne Wojcicki also resigned. Boeing — The defense contractor added 2% Monday premarket. The move higher came on the back of President Donald Trump’s decision to award Boeing with a contact to build the new F-47 fighter jet, beating out competitor Lockheed Market. On Monday, Melius Research upgraded Boeing to a buy rating, citing a “period of positive newsflow” that could help boost shares. Lockheed Martin — The aerospace and defense stock slipped 2% on the back of downgrades to neutral and hold from Bank of America and Melius Research, respectively. Bank of America analyst Ronald Epstein said he was “wary” of the company’s recent quality of earnings, while Melius analyst Scott Mikus cited competitive losses. FedEx — The stock gained more than 1% after Jefferies upgraded FedEx to buy from hold, saying investors are ignoring the cost cutting efforts at the packing and shipping company that will continue to drive earnings growth regardless of the macroeconomic challenges. What’s more, its underperformance this year — down 18% — represents a buying opportunity, the firm said. Tesla — The beleaguered electric vehicle maker popped nearly 4% to start the week. This comes after Tesla notched its ninth straight week of losses last Friday. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim and Sarah Min contributed reporting.
