Stocks making the biggest moves premarket: Etsy, Boeing, Virgin Orbit and more
Etsy — The e-commerce company’s shares rose 3.9% after Piper Sandler upgraded them to overweight from neutral. The firm said that it thinks Etsy’s marketplace strengths will “help reaccelerate active buyer growth.” Shares are down 9.6% in 2023.
Virgin Orbit — The satellite launch company sank 14% in the premarket after filing for Chapter 11 bankruptcy protection. Virgin Orbit also said it would lay off nearly all of its workforce.
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Boeing — The aerospace manufacturer’s stock dropped 0.8% after Northcoast Research downgraded shares to a sell rating. The research firm cited expected changes to commercial aircraft production, resetting of consensus forecasts and volume headwinds ahead for Boeing this quarter after communicating with its contacts in the sector.
Tesla — Shares of the electric vehicle maker ticked up nearly 1% in premarket trading. Tesla stock declined 6.1% a day earlier, with investors seemingly responding to the company’s vehicle delivery report from the weekend. Concerns remain that Tesla could slash prices yet again in order to stoke sales at the cost of smaller margins. The company’s first quarter deliveries were below Wall Street expectations, but largely met the outlook that Tesla itself compiled.
Burlington Stores — The apparel retailer’s shares rose 1.6% after Loop Capital upgraded the stock to buy from hold. Analyst Laura Champine wrote in a note that “improved values and brands in stores” will likely result in market share gains for the company.
Comcast — Shares were up 1.5% after KeyBanc upgraded the telecom giant to overweight. “We are above [consensus] on Cable EBITDA on strong ARPUs and operating efficiency drives our adj. EBITDA margins higher,” KeyBanc said. The firm’s price target implies upside of 16% for Comcast. The media company’s shares have jumped 7.8% year to date.
Prudential Financial — The financial services company rose 2.6% after JPMorgan upgraded the stock to overweight. The firm said that although its long-term fundamental outlook for the life insurance industry is negative, it expects healthy near-term results for lower-risk stocks with strong balance sheets.
Sarepta Therapeutics — Sarepta gained 2.5% after Citi initiated coverage of the biotechnology stock at a buy rating. The firm said the recent selloff may be overdone.
— CNBC’s Alex Harring, Brian Evans and Michelle Fox contributed reporting
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