AutoZone, Starbucks and Block fall premarket; Dell, Tesla rise

September 19, 2023 8:04 AM EDT -- U.S. futures traded marginally higher Tuesday, as investors await the start of the crucial two-day Federal Reserve meeting, which could set the tone for weeks to come.

Here are some of the biggest premarket U.S. stock movers today:

  • Instacart is set to make its Nasdaq debut after the grocery delivery app’s IPO was priced at $30 per share, the top of its indicated price range.

  • AutoZone (NYSE: AZO) stock fell 2.1% after the auto parts retailer announced disappointing domestic commercial results, overshadowing international strength.

  • Tesla (NASDAQ: TSLA) stock rose 0.2% after the WSJ reported that the EV manufacturer was in talks with Saudi Arabia to set up a manufacturing facility in the kingdom.

  • Target (NYSE: TGT) stock rose 0.2% after the retailer said it will hire nearly 100,000 employees for the holiday season and offer deep discounts starting October, as it braces for a competitive shopping period.

  • Starbucks (NASDAQ: SBUX) fell 1.3% after TD Cowen downgraded the coffee chain to ‘market perform’ from ‘outperform’, citing likely lower consumer spending in China.

  • Block (NYSE: SQ) stock fell 1.3% after Alyssa Henry, the CEO of the fintech’s unit Square, is set to leave the company after more than nine years.

  • Dell (NYSE: DELL) stock rose 1.3% after Daiwa Securities upgraded the PC maker to ‘outperform’ from ‘neutral’, citing its strong second quarter numbers as well as growing AI sales.

  • CVS Health (NYSE: CVS) stock rose 0.9% after Evercore ISI upgraded the drugstore operator to ‘outperform; from ‘in line’, as it sees “operational issues improving and an attractive current valuation."

  • Boston Scientific (NYSE: BSX) stock rose 0.9% after the medical devices manufacturer agreed to buy Relievant Medsystems, a medical tech company, for $850 million upfront as well as milestone payments.

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