Stocks making the biggest moves premarket: Palantir, Costco, Peloton and more
Check out the companies making headlines before the bell. Peloton — Shares of the fitness company provider jumped 3.8% on Friday, a day after Peloton announced that it is partnering with TikTok to bring short-form fitness videos to the social media platform. The partnership is an effort to boost subscribers and attract a wider pool of customers, as Peloton attempts to recover from falling sales and profits. Palantir Technologies — Shares slid 3.7% after Jefferies said Palantir’s artificial intelligence advantage has been overhyped in the near-term and that the stock has soared to “unsustainable valuation levels.” The firm downgraded Palantir to underperform from hold. Okta — The cybersecurity stock slumped 1.5% after Jefferies downgraded Okta to hold from buy on Friday, citing a recent security breach as added pressure on the company. Costco Wholesale — Shares of the retail giant rose nearly 1% after Costco said Thursday that December sales jumped 9.9% year-over-year to $26.15 billion, fueled by its e-commerce segment. Costco’s total and comparable sales saw a 3% benefit from December’s additional shopping day due to the timing of New Year’s Day, the company said. Constellation Brands — The beer, wine and liquor company reported third-quarter revenue of $2.47 billion, falling short of the $2.54 billion expected from analysts surveyed by LSEG. However, adjusted earnings per share came in at $3.19, topping the $3 expected. Shares slipped less than 1%. Tesla — The electric vehicle maker dipped 0.7% after China’s State Administration for Market Regulation said Tesla is recalling more than 1.6 million of its EVs in China due to problems with door latch and autosteering functions. Tesla received an overweight rating from Piper Sandler on Thursday, however, on confidence that the company can outperform its peers thanks to its vertical integration. Medical Properties Trust — The real estate investment trust plunged 20.4% after it announced Thursday that it is working with Steward Health Care System, its largest tenant, to devise a strategy that allows it to strengthen its liquidity and recover about $50 million in unpaid rent. — CNBC’s Michelle Fox Theobald contributed reporting. This post has been syndicated from a third-party source. View the original article here.
