Delta, Lennar, Darden Restaurants rise premarket; Tesla, Best Buy fall
(Updated - December 14, 2022 8:19 AM EST)
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, December 14th. Please refresh for updates.
Delta (NYSE: DAL) stock rose 4.3% after the airline forecast its profit would nearly double next year, driven by "robust" travel demand and a decline in non-fuel operating costs.
Lennar (NYSE: LEN) stock rose 1.5% after Barclays upgraded its stance on the home construction company to ‘overweight’ from ‘equal weight’, saying the stock can rally more than 25% as the housing market troughs in 2023.
Tesla (NASDAQ: TSLA) stock fell 0.8% after Goldman Sachs cut its 12-month target price on the electric vehicle manufacturer to $235 from $305, while keeping a ‘buy’ rating. The stock closed Tuesday at $160.
Apple (NASDAQ: AAPL) stock fell 0.3% after the tech giant announced plans to allow third-party app stores on the iPhone in Europe to forestall antitrust action against it in the EU, potentially hitting a lucrative revenue stream.
- Darden Restaurants (NYSE: DRI) stock rose 1.4% after Wedbush upgraded its stance on the owner of Olive Garden, among other chains, to 'outperform' from 'neutral', expecting market share gains in the difficult climate.
- Best Buy (NYSE: BBY) stock fell 3.1% after Bank of America downgraded its stance on the electronics retailer to 'underperform' from 'neutral', citing the challenging environment.
- Moderna (NASDAQ: MRNA) stock rose 1.6%, continuing the previous session's strong rally after the pharmaceutical maker reported positive trends from the trial of its vaccine for skin cancer.