Stocks Making The Biggest Premarket Moves: Tesla, Moderna, Alphabet, PacWest And More

Several companies are experiencing significant movements in premarket trading:

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Tesla - Shares of the electric vehicle maker declined by 1.9% after Goldman Sachs downgraded the stock from buy to neutral. Goldman cited the challenging pricing environment for electric vehicles and the recent surge in the stock's price as reasons for the downgrade.

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Moderna - The drugmaker saw a 2.5% gain following an upgrade by UBS from neutral to buy. UBS stated that the current valuation of the stock does not fully reflect the potential upside from other vaccines. Although UBS lowered its price target to $191 from $221, it still implies a 61% increase from the closing price on Friday.

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Lucid - The EV maker experienced a 12% increase after announcing a partnership with Aston Martin. Lucid will supply powertrain and battery systems to the British luxury carmaker and, in return, receive a 3.7% stake in Aston Martin and cash payments totaling $232 million.

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Alphabet - The parent company of Google saw a decline of 1.4% after being downgraded by UBS from buy to neutral. UBS mentioned that the tech giant could face near-term revenue challenges due to new search competition and increased competition in generative AI.

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Pfizer - Shares slipped by 2.4% as the drugmaker announced the discontinuation of the clinical development of its experimental obesity and diabetes drug, lotiglipron. Studies revealed elevated liver enzymes, although no participants reported any symptoms or side effects.

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PacWest - The regional bank experienced a nearly 6% jump after Ares Management acquired a $3.5 billion specialty finance portfolio from PacWest. The portfolio consists of high-quality, senior secured, asset-backed loans.

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Carnival - Shares of Carnival were up by 1.9% ahead of the company's earnings report, which is expected before the market opens. Cruise stocks have been performing well as the industry rebounds from the impact of the Covid pandemic.

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