Text size
Tesla cuts U.S. prices for the Model S and Model X.
Anna Moneymaker/Getty Images
Stock futures rose slightly Monday as Wall Street kicked off a week that includes testimony before Congress from Federal Reserve Chairman Jerome Powell and the U.S. jobs report for February.
These stocks were poised to make moves Monday:
Tesla
(ticker: TSLA) rose 0.5% in premarket trading after the electric-vehicle company cut prices on its Model S and Model X cars in the U.S.
Based on postings on Tesla’s website, the price for a Model S was dropped $5,000, bringing the basic version to $89,990. The cost of the Model X SUV was dropped by $10,000, bringing the price for the basic version to $99,990.
Apple
(AAPL) gained 1.8% to $153.74 after Goldman Sachs analyst Michael Ng initiated coverage on shares of the iPhone maker with a Buy rating and price target of $199.
Ciena
(CIEN) stock surged 10.8% in premarket trading after the optical-networking infrastructure company posted fiscal first-quarter revenue and adjusted earnings that beat analysts’ expectations.
Silvergate Capital
(SI) fell 9.2% after the cryptocurrency banker was downgraded to Underperform from Neutral by analysts at Wedbush after the company discontinued the
Silvergate
Exchange Network.
Vir Biotechnology
(VIR) jumped 6.3% after the biomedical company’s stock was upgraded to Overweight from Neutral by analysts at J.P. Morgan.
Lordstown Motors
(RIDE) fell 2.7% after the electric vehicle start-up posted a wider-than-expected fourth-quarter loss and a huge sales miss.
KB Home
(KBH) fell 2% in premarket trading after shares of the home builder were downgraded to Underweight from Overweight at J.P. Morgan. The price target on the stock was reduced to $32.50 from $36.
Shares of railroad stock
Norfolk Southern
(NSC) slipped 1.2% after a second train derailed in Ohio over the weekend, this time with no hazardous materials on board, reports said. A train carrying dangerous chemicals derailed in early February in East Palestine, Ohio.
Altria
(MO), the maker of Marlboro cigarettes, announced Monday it would acquire NJOY Holdings, an e-cigarette maker, in a deal valued at about $2.75 billion in cash. Shares of
Altria
were flat.
Write to Joe Woelfel at [email protected]
