Take a look at some of the biggest movers in the premarket:
Tesla (TSLA) – Tesla shares are under pressure after it was not included in S&P 500 index changes announced by S&P Dow Jones Indices. Online crafts marketplace Etsy (ETSY), semiconductor equipment maker Teradyne (TER) and pharmaceutical technology provider Catalent (CTLT) were added to the S&P 500, while H&R Block (HRB), Coty (COTY) and Kohl’s (KSS) were removed. Separately, Tesla said it had completed the recently announced sale of $5 billion common stock.
Walt Disney (DIS) – Deutsche Bank upgraded Disney to “buy” from “hold,” saying Disney had succeeded in the “land grab phase” of direct-to-consumer video offerings and is on a path to becoming a global streaming entertainment leader.
Peloton (PTON) – The exercise equipment maker is cutting the price of its core exercise bike by 24% and adding a cheaper treadmill and a pricier version of its bicycle to its lineup. CEO John Foley also said the company has been able to cut down on order delays.
Wells Fargo (WFC) – Berkshire Hathaway (BRK.B) cut its stake in the bank to 3.3%, according to a Securities and Exchange Commission filing. The cut reduced Berkshire’s holdings to about 137.6 million shares, approximately 100 million fewer than it held in the bank at the end of June.
Beyond Meat (BYND) – Beyond Meat signed a deal to open a new production facility near Shanghai, with the plant-based food maker aiming to reach full capacity by early 2021.
Exxon Mobil (XOM) – Exxon Mobil is facing a $48 billion shortfall through 2021 due to ill-timed bets on rising demand, according to a Reuters report. The report said investors are also expressing concern about possible cuts to the oil giant’s dividend.
Starbucks (SBUX) – Starbucks is adding plant-based items to menus across Asia, including offerings from Beyond Meat, Impossible Foods and others.
Anheuser-Busch InBev (BUD) – AB InBev has begun searching for its next CEO to replace Carlos Brito, according to the Financial Times. The report said Brito, who has been CEO of the beer brewer for 16 years, is involved in the process and plans to step down sometime next year.
Boeing (BA) – The Federal Aviation Administration said it is investigating manufacturing flaws affecting certain Boeing 787 jets. It did not elaborate further, but The Wall Street Journal reports that manufacturing issues potentially stretch back almost a decade.
BioNTech (BNTX), Pfizer (PFE) – The drugmakers widened a study of their Covid-19 vaccine candidate to include BioNTech’s home country of Germany, after receiving approval from that country’s vaccines regulator.
Navistar (NAV) – The truck maker’s possible sale to Volkswagen heavy truck unit Traton could be in jeopardy, due to a reported squabble over a buyout price between board members Carl Icahn and Marc Rachesky. The New York Post reports that Rachesky wants more than $70 per share, but that Icahn and other directors think it’s unlikely that VW would raise its bid that high from an original $35 per share offer earlier this year.
Apple (AAPL) – Apple will start producing 5G iPhones this month, according to a report from Japan’s Nikkei news service. Its 2020 production could total 73 million to 74 million units, according to the report, shy of the initial 80 million target, but production delays have improved from a few months ago.
Roku (ROKU) – The streaming video device maker was rated “overweight” in new coverage at Wells Fargo, which called Roku an “advertising heavyweight in the making.”
Foot Locker (FL) – Goldman Sachs rates the athletic footwear and apparel retailer “buy” in new coverage, noting several “enduring tailwinds” including strong product cycles and improvement in digital marketing and sales.