Stocks making the biggest moves before the bell: U.S. Steel, Tesla, Urban Outfitters and more

Market Insider

Workers replace a roller that compresses steel at the A&T Stainless steel plant in Midland, Pennsylvania, March 2, 2020.
Michael Rayne Swensen | Bloomberg via Getty Images

Check out the companies making headlines in premarket trading.

U.S. Steel — Shares of the steel producer surged more than 26% premarket after it rejected a $7.3 billion buyout proposal on Sunday from rival Cleveland-Cliffs and said it’s reviewing “strategic alternatives.” Cleveland-Cliffs shares were flat.

Tesla — The electric vehicle stock fell 2.2% in premarket trading. The move comes after Tesla lowered the price in China on its Model Y long-range and performance models by 14,000 yuan, according to a company post on Chinese social media platform Weibo.

Okta — The identity management company’s stock popped 5% before the bell. Goldman Sachs upgraded shares of Okta to a buy rating, citing a favorable risk reward and expectations for an inflection in subscription revenues.

Hawaiian Electric — The power stock slipped 2.2% before the bell after Wells Fargo pulled back its target price for shares and reiterated its underweight rating. Wells Fargo tied the price target cut to the wildfires risk.

Keysight Technologies — The tech stock dropped 2.2% following a Bank of America downgrade to underperform from neutral, citing the likelihood of worsening order trends. Keysight’s earnings report for the fiscal third quarter is slated for release Thursday.

Urban Outfitters — The clothing retailer shed 2.5% following a downgrade by Citi to neutral from buy. While the Wall Street firm expects an earnings beat when Urban Outfitters reports next week, it believes the risk/reward is more balanced at current levels. The Urban Outfitters brand will be slower to turn around, ultimately limiting possible upside to earnings per share, the firm wrote.

Parsons Corporation — The technology stock climbed 2.5% in premarket trading following a rare double-upgrade in rating to buy from underperform by Bank of America. The firm said Parsons has better growth than expected.

EPR Properties — The real estate stock shed 1.3% before the bell after a downgrade to neutral from buy by Bank of America. The firm said EPR can face pressure on its multiple as a result of the Hollywood strikes given its exposure to movie theaters.

Nikola — Shares of the green truck maker dropped 15% to $1.65 after it announced a recall of 209 electric trucks following an independent investigation of a June fire. The company said this doesn’t impact its hydrogen fuel cell trucks.

— CNBC’s Samantha Subin, Hakyung Kim, Sarah Min, Tanaya Macheel and Michelle Fox contributed reporting

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