Shares of vehicle development company Fisker surged 4.1% after Bank of America reinstated coverage with a buy rating. BofA mentioned that Fisker offers investors direct exposure to the rapidly growing electric vehicle (EV) market and has a lower-risk business model compared to its EV peers. Fisker also announced plans to increase the daily deliveries of its Ocean vehicle to 300 units.
Tesla shares slipped 1% before the market opened as the European Union reportedly launched a probe into the company’s exports from China. This investigation adds to the challenges Tesla has faced in recent months, including supply chain disruptions and increased competition in the EV market.
Barclays shares rose 2% after being upgraded to overweight from equal weight by Morgan Stanley. The investment bank cited growth in Barclays’ credit card business and an improved outlook for its investment banking division as reasons for the upgrade.
In other news, sports betting stock DraftKings experienced a 3% jump before the bell as JPMorgan upgraded the company to overweight from neutral. The upgrade was based on the belief that DraftKings’ recent underperformance offered an attractive entry point for investors.
Recreational vehicle company Thor Industries saw its shares decline by 3% premarket following a warning that it expects a decline in net sales for the coming year. Despite outperforming the market earlier in the year, Thor’s earnings per share and revenue for the quarter did not meet analysts’ estimates.
United Natural Foods saw its shares drop by 17% before the market opened as the company’s forecasted earnings per share and adjusted EBITDA for the coming year fell below analysts’ estimates. The company cited profitability headwinds as the reason for the lower projections. Additionally, United Natural Foods reported fourth-quarter revenue that missed estimated expectations.
Overall, Fisker’s positive coverage from Bank of America, Tesla’s EU probe, Barclays’ upgrade, DraftKings’ favorable outlook, Thor Industries’ decline in sales, and United Natural Foods’ lower projections contributed to a mix of gains and losses in the premarket trading session.