Tesla and Apple rise premarket; Norfolk Southern and Lordstown Motors fall
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Monday, March 6th. Please refresh for updates.
Tesla (NASDAQ: TSLA) stock rose 0.5% after the electric vehicle manufacturer announced fresh price cuts to some of its premium models, including reducing the Model S by around 4% and the more expensive Model X by around 9%.
Lordstown Motors (NASDAQ: RIDE) stock fell 1.79% after posting a larger-than-expected loss and missing its delivery target for the Endurance pickup truck.
Apple (NASDAQ: AAPL) stock rose 1.6% after Goldman Sachs initiated coverage of the iPhone maker with a 'buy' rating, saying it can rally more than 30% due to the strength of its services business.
Credit Suisse (NYSE: CS) stock fell 1.6% after the Financial Times reported that Harris Associates, the hedge fund that was once Credit Suisse's biggest shareholder, has sold out of its position in the struggling Swiss lender entirely.
Norfolk Southern (NYSE: NSC) stock fell 2.25% following the news that the railroad operator suffered a second derailment in the last few weeks at the weekend with a train outside Springfield, Ohio.
Monster Beverage (NASDAQ: MNST) stock rose 0.5% after Redburn upgraded its stance on the energy drinks company to 'buy' from 'neutral', seeing a cheap valuation.
Altria (NYSE: MO) stock rose 0.1% after the tobacco giant announced plans to buy e-cigarette startup NJOY Holdings for about $2.75 billion in cash, in a fresh bet on the fast-growing market.