Check out the companies making headlines in premarket trading.
Discover Financial Services — Shares slipped 6.5% after CEO Roger Hochschild resigned. The company said board member John Owen would assume the role of interim chief executive.
Turnstone Biologics — Stock in the biotechnology company slipped 2.3% in premarket trading. Earlier on Tuesday, investment firm Piper Sandler initiated coverage of the stock with an overweight rating. Bank of America also began coverage of Turnstone on Tuesday, albeit with a buy rating.
D. R. Horton — Shares of the homebuilder rose 2.2% in premarket trading after a securities filing revealed that Warren Buffett’s Berkshire Hathaway has added a stake in D. R. Horton worth more than $700 million.
Hannon Armstrong Sustainable Infrastructure Capital — The renewable energy investment firm climbed 2.1% after Bank of America upgraded shares to buy. The firm said that Hannon Armstrong would likely benefit from Inflation Reduction Act tailwinds.
Phillips 66 — The Texas-based energy stock fell 2% after a downgrade from Bank of America over a lower risk-reward skew.
U.S. Banks — Shares of major financial firms on Wall Street including Morgan Stanley, JPMorgan Chase and Bank of America and Citigroup were all trading roughly 1% lower. CNBC reported Tuesday that Fitch Ratings may be preparing to once again downgrade the overall health of the banking sector, which the firm said could force individual downgrades on some of the nation’s top investment firms and banks.
Nvidia — The artificial intelligence darling climbed 1.5% before the bell. UBS, Wells Fargo and Baird all raised their estimates for the prices they think shares will trade at in the next year. The stock rallied 7.1% on Monday, regaining ground after falling 8.6% last week.
Cleveland-Cliffs — Shares of the steelmaker fell more than 1% in the premarket, a day after they rallied 8.8% for their best day of 2023. The stock popped after its $7.3 billion bid to buy U.S. Steel was rejected.
— CNBC’s Alex Harring and Jesse Pound contributed reporting
Read the full article here
