Check out the companies making headlines before the bell:
Tesla (TSLA) – Goldman Sachs cut its price target for Tesla to $235 per share from $305, citing softer demand. Tesla shares are down about 40% since the end of September, and briefly dipped below $500 billion in market value Tuesday.
Moderna (MRNA) – Moderna rose another 1.6% in premarket trading on top of yesterday’s 19.6% gain. The Tuesday advance followed a successful study of a skin cancer treatment involving an experimental Moderna vaccine in combination with Merck‘s (MRK) cancer drug Keytruda.
Best Buy (BBY) – The electronics retailer’s stock dropped 3% in premarket action after BofA Securities downgraded it to underperform from neutral, citing a challenging environment for achieving earnings growth.
Aspen Group (ASPU) – Aspen Group rallied 14.8% in premarket action after the online education company reported better-than-expected quarterly revenue and improved profit margins.
ABM Industries (ABM) – ABM Industries reported better-than-expected profit and revenue for its latest quarter. But the provider of facility services gave an outlook that fell below consensus estimates. The stock slid 3.9% in premarket trading.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains was upgraded to outperform from neutral at Wedbush on expectations of market share gains for Darden amid an uncertain consumer environment. Darden rose 1% in the premarket.
Paccar (PCAR) – Paccar gained 1.6% in the premarket after the truck maker’s stock was upgraded to overweight from equal-weight at Morgan Stanley, which also raised its price target to $136 per share from $91. The firm said Paccar is among the industrial stocks poised to benefit from a sector recovery.