Stocks making the biggest premarket moves: Coca-Cola, First Solar, C3.ai and more
Check out the companies making the biggest moves in premarket trading:
Coca-Cola — Shares of the beverage maker added about 1.4% in early morning trading after the company posted better-than-expected earnings for the first quarter, fueled by price hikes and higher demand. Revenue came in about in line with expectations, at $10.96 billion adjusted compared to the Refinitiv consensus estimate of $10.8 billion.
First Solar — Shares dropped 2.5% in the premarket following a downgrade by Citi to sell from neutral. The Wall Street firm cited a challenging long-term outlook for First Solar, which is up about 45% year to date.
Tesla — The electric-vehicle maker dipped nearly 1% following a letter from institutional investors to Tesla’s board of directors to rein in CEO Elon Musk. Last week, the company reported a net income decrease of more than 20% from the year prior.
Bed Bath & Beyond — The meme stock favorite pulled back 35% on Monday before the bell. Bed Bath & Beyond filed for bankruptcy protection on Sunday, bringing to an end months of warnings from the company that more capital was needed to stave off Chapter 11. Shares have lost 88% from the start of the year.
Credit Suisse — U.S.-listed shares of the Swiss bank gained about 2% in the premarket. Credit Suisse said it experienced net asset outflows of 61.2 billion Swiss francs ($68 billion) during the first quarter. However, it reported 12.43 billion Swiss franc profit for the quarter thanks to the write-off of 15 billion Swiss francs of AT1 bonds. UBS’ acquisition of Credit Suisse is expected to be finalized by the end of the year
C3.ai — Shares of the popular artificial intelligence stock fell nearly 5% before the bell after Wolfe Research downgraded shares to under perform, citing slowing revenue growth concerns.
Medtronic — The medical-device maker added 1.4% after being upgraded to overweight from equal weight by Wells Fargo. The Wall Street firm expects Medtronic to benefit from a maturing product pipeline and improving medtech trends.
Albemarle — Shares of the mining company gained nearly 3% in premarket trading, trimming Albemarle’s losses from last week. The stock fell 10% on Friday amid reports that Chile was considering nationalizing its lithium mining industry. Albemarle CEO Kent Masters told CNBC’s “Last Call” on Friday that the company’s existing mine and contracts in the country would not be impacted.
— CNBC’s Tanaya Macheel, Brian Evans, Samantha Subin and Jesse Pound contributed reporting.
