Premarkark trading saw significant movements in various sectors, with several stocks making headlines.
Tesla’s stock jumped nearly 3% after Morgan Stanley upgraded the electric vehicle giant to a top pick in US autos, expecting a roughly 50% bounce.
In contrast, Southwest Airlines shares slid 2% as JPMorgan downgraded the airline carrier to an underweight rating due to high valuation concerns.
Crypto exchanges Coinbase and Robinhood surged 9% and 8%, respectively, following President Donald Trump’s announcement of a US strategic crypto reserve that will include bitcoin and smaller assets like XRP and Solana’s SOL token.
Meanwhile, Allegro MicroSystems’ shares rallied 15% after Bloomberg reported that the chipmaker is attracting takeover interest from ON Semiconductor.
Other notable movers included Capri Holdings, which saw its shares jump almost 8% following a report on Prada potentially acquiring Versace from luxury fashion house Capri for $1.6 billion.
Aurora Innovation’s shares rose nearly 9% after Morgan Stanley initiated coverage with an overweight rating, citing autonomous trucking as a “transformational” earnings opportunity.
The mobile advertising company AppLovin gained nearly 6%, while Mosaic Company’s shares rose 3% following an upgrade to overweight at JPMorgan due to rising fertilizer prices in 2025.
Chipotle Mexican Grill and SanDisk also saw gains, with Chipotle upgraded to overweight by Morgan Stanley and SanDisk initiated coverage with an overweight rating.
Finally, Okta’s shares gained 2% ahead of the identity and access management company’s fiscal fourth-quarter earnings results.
Source: https://www.cnbc.com/2025/03/03/stocks-making-the-biggest-moves-premarket-tsla-luv-coin-cpri-and-more.html