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Tesla, DocuSign and Adobe rise premarket; Coinbase falls
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Published Jun 09, 2023 20:02
© Reuters.
Investing.com -- Stocks in focus in premarket trade on Friday, June 9th. Please refresh for updates.
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Coinbase (NASDAQ:COIN) stock fell 1.3% after credit rating agency Moody’s downgraded its outlook of the cryptocurrency exchange to "negative" from "stable," after U.S. regulators unveiled a lawsuit earlier this week alleging that the platform had broken U.S. law by failing to register as an exchange.
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Tesla (NASDAQ:TSLA) stock rose 5.8% after General Motors (NYSE:GM), up 4.4%, said it would adopt Tesla's North American charging plug standard, and as a result, GM's electric vehicle buyers would have access to the Tesla Supercharger network.
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ChargePoint (NYSE:CHPT) stock fell 5.6% and EVgo (NASDAQ:EVGO) dropped 7.4%, with these charging companies suffering as a result of the Tesla/GM deal.
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DocuSign (NASDAQ:DOCU) stock rose 5% after the company that provides electronic signature technology reported strong first-quarter results, bolstered by an increase in billings.
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Adobe (NASDAQ:ADBE) stock rose 3.8% after Wells Fargo upgraded their rating of the software company to ‘overweight’ from ‘equal weight’, expecting generative artificial intelligence to be a "tailwind" for the business.
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Target (NYSE:TGT) stock fell 1.4% after Citigroup downgraded its stance on the retail giant to ‘neutral’ from ‘buy’, saying sales have peaked, after strong growth from 2020 to 2022, and are likely to fall further.
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Nio (NYSE:NIO) ADRs fell 1.2% after the Chinese EV maker reported a sharp contraction in gross margins in the first quarter to 5.1% year-on-year in Q1 versus 18.1% in the same period a year back.
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Fisker (NYSE:FSR) stock rose 1.8% after the luxury EV manufacturer detailed in a production update plans to scale up, setting up in China, adding it is on track to meet targets.
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