Investing.com — These are the biggest premarket movers on Monday, Dec 4.
- Cloudflare (NYSE:NET) shares rose 4% following a bullish upgrade from Morgan Stanley (NYSE:MS), which stated that the software company is well-positioned to “sustain, if not accelerate, topline growth over the next few years,” boosting investor confidence in the stock’s future performance.
- Stellantis (NYSE:STLA) shares dropped 6.4% ahead of the bell after CEO Carlos Tavares resigned abruptly on Sunday. Analysts pointed to the automaker’s leadership vacuum, exacerbated by the recent departure of its CFO, as a key concern at a challenging time for the industry.
- Tesla (NASDAQ:TSLA) shares were 2% higher after positive comments from analysts. Roth MKM upgraded the stock to buy from hold, while Stifel raised its price target to a street-high, fueling investor optimism about the electric vehicle maker’s future prospects.
- Gap (NYSE:GAP) shares gained 4.7% after JPMorgan upgraded its rating on the apparel retailer. The investment bank cited the company’s progress in developing a “consistent playbook of improved merchandising and marketing,” positioning Gap for sustained growth.
- Core Scientific (NASDAQ:CORZ) shares dropped 4.4% after the Bitcoin mining company announced plans to offer $500 million in convertible notes through a private offering. The move raised concerns among investors about the company’s capital structure and future financial stability.
- Toast (NYSE:TOST) shares declined 2.6% after Goldman Sachs downgraded the stock, citing an elevated valuation following a recent rally. The firm’s decision reflects concerns over the sustainability of the stock’s price level in the near term.
- Upstart Holdings (NASDAQ:UPST) saw a 5% decline in its stock price after JPMorgan downgraded the consumer finance firm, stating that its shares appear to be “priced for perfection.” The downgrade was driven by concerns over valuation, as the firm anticipates limited upside at current levels.
- Intel (NASDAQ:INTC) stock gained ground after the chipmaker announced that CEO Pat Gelsinger has retired, effective Dec. 1.
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