Tesla, DocuSign and Adobe rise premarket; Coinbase falls
Investing.com -- Stocks in focus in premarket trade on Friday, June 9th. Please refresh for updates.
Coinbase (NASDAQ: COIN) stock fell 1.3% after credit rating agency Moody’s downgraded its outlook of the cryptocurrency exchange to "negative" from "stable," after U.S. regulators unveiled a lawsuit earlier this week alleging that the platform had broken U.S. law by failing to register as an exchange.
Tesla (NASDAQ: TSLA) stock rose 5.8% after General Motors (NYSE: GM), up 4.4%, said it would adopt Tesla's North American charging plug standard, and as a result, GM's electric vehicle buyers would have access to the Tesla Supercharger network.
ChargePoint (NYSE: CHPT) stock fell 5.6% and EVgo (NASDAQ: EVGO) dropped 7.4%, with these charging companies suffering as a result of the Tesla/GM deal.
DocuSign (NASDAQ: DOCU) stock rose 5% after the company that provides electronic signature technology reported strong first-quarter results, bolstered by an increase in billings.
Adobe (NASDAQ: ADBE) stock rose 3.8% after Wells Fargo upgraded their rating of the software company to ‘overweight’ from ‘equal weight’, expecting generative artificial intelligence to be a "tailwind" for the business.
Target (NYSE: TGT) stock fell 1.4% after Citigroup downgraded its stance on the retail giant to ‘neutral’ from ‘buy’, saying sales have peaked, after strong growth from 2020 to 2022, and are likely to fall further.
Nio (NYSE: NIO) ADRs fell 1.2% after the Chinese EV maker reported a sharp contraction in gross margins in the first quarter to 5.1% year-on-year in Q1 versus 18.1% in the same period a year back.
Fisker (NYSE: FSR) stock rose 1.8% after the luxury EV manufacturer detailed in a production update plans to scale up, setting up in China, adding it is on track to meet targets.