Check out the companies making headlines before the bell. Constellation Energy — Energy stocks rose 2% after Bank of America upgraded the stock to buy from neutral. Analyst Ross Fowler said the company was best placed to benefit from future regulatory clarity, increased demand and tighter supply. This potential is currently not factored into the company’s stock price, making it undervalued, he added. Celsius Holdings — Shares of the energy drink maker rose nearly 4% after JPMorgan began covering the company with an overweight rating, citing declining inventories and reaccelerating growth in the U.S. energy drink category as catalysts. . Uber — The ride-hailing company’s stock rebounded from losses earlier in the week to rise more than 3%. Shares fell for the third day in a row, falling 5.8% on Wednesday after General Motors cut funding to Cruise. The self-driving division was partnered with Uber. Beverage companies – Deutsche Bank analyst Steve Powers upgraded Coca-Cola, PepsiCo and Keurig Dr. Pepper from neutral to buy. Each stock rose about 1% in premarket trading. The analyst expects restaurant traffic and impulse shopping trends to accelerate next year, which should benefit the drinks and snacks industry. Adobe — The software giant fell 11% after announcing a weaker-than-expected revenue outlook for its fiscal first quarter. Adobe expects revenue of $5.63 billion to $5.68 billion, compared to LSEG’s consensus estimate of $5.73 billion. Oxford Industries — Shares of the apparel and footwear retailer fell about 4% after third-quarter results fell short of expectations. The owner of retail brands including Tommy Bahama reported an adjusted loss of 11 cents per share on revenue of $308 million in the period. Analysts surveyed by FactSet had expected earnings of 9 cents a share on revenue of $316.8 million. Chewy — Shares of the pet supplies retailer fell about 3% in premarket trading after the company announced a public offering of $500 million worth of stock to be sold by Buddy Chester Sub. The retailer will also purchase $50 million in stock from Buddy Chester at the same time. Warner Bros. Discovery — Shares of media entertainment company Warner Bros. Discovery soared 6% after the company announced plans to separate its cable TV business from its fast-growing streaming and studio businesses. —CNBC’s Lisa Kailai Han, Jesse Pound, Yun Li and Michelle Fox contributed reporting.
Stocks that made big moves pre-market: UBER, CELH, ADBE, CHWY
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