CarMax, Salesforce, Coinbase and more

Check out the companies making headlines in premarket trading.

CarMax – Shares of the used car retailer fell 4.8% after JPMorgan downgraded it to “underweight” and said investors are not fully pricing in the risks surrounding the company and hopes for a recovery appear “premature”. CarMax fell 53% in 2022 but is up 18% since its disappointing quarterly results in December.

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Bank of America downgrades Coinbase, saying consensus estimates may be “way too high” given the current crypto outlook

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Foreclosure – The software giant fell about 3% after Bernstein downgraded shares to underperforming the market and said they could be falling into a “growth purgatory” and struggle to get out of it. That comes a week after the company announced its plan to cut staff. According to Bernstein, shares could fall another 20%.

coin base — Shares of the crypto service provider fell about 3% after a downgrade by Bank of America, which said consensus estimates on Coinbase were “far too high” given the current crypto outlook. That comes a day after the company announced a second round of layoffs that included about 950 jobs from a fifth of the company. Coinbase shares fell 86% in 2022 as macro conditions and scandals dragged the crypto market lower.

Tesla – Tesla shares rose 2% after the EV maker filed with the state of Texas to expand its Austin electric vehicle plant earlier this year. Separately, Goldman Sachs also named the stock as a top pick for 2023.

Levi Strauss & Co — The apparel company’s shares fell 2.2% after Citi downgraded its stock to neutral from a buy. The company cited weaker denim trends that could put the company under pressure in the short to medium term.

Warner Bros. Discovery – Guggenheim upgraded the media company to buy from neutral Wednesday, citing an attractive risk-reward ratio and narrative for the first half of the year. Warner Bros. Discovery is up 1.75% premarket after gaining 8% on Tuesday.

Great brothers — Shares of the construction company rose nearly 2% after Bank of America upgraded Toll Brothers to neutral, noting, “TOL will face increasing headwinds from stimulus and mix shifts throughout the year, but this will be met by tailwinds.” , especially lower input costs, offset wood.”

Wells Fargo – Wells Fargo is shrinking its presence in the mortgage market as the bank copes with regulatory pressures and the impact of higher interest rates on housing. The company was once the country’s largest mortgage lender. It will now restrict home loans to existing customers and borrowers from minority communities. Shares are up less than 1% premarket.

Southwest Airlines – Susquehanna downgraded the airline to neutral from positive, citing the operational crisis during the recent winter storm. Southwest lost 1.55% in the premarket.

Walt Disney Disney has revised its pricing policy at its domestic theme parks and made a number of changes to its reservation and ticketing system, as well as annual pass membership benefits, to make it easier for loyal customers to attend. Shares are up less than 1% premarket.

– CNBC’s Samantha Subin, Michelle Fox, Jesse Pound and Alex Harring contributed coverage

https://www.cnbc.com/2023/01/11/stocks-making-the-biggest-moves-premarket-carmax-salesforce-coinbase-and-more.html CarMax, Salesforce, Coinbase and more

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