Stocks making big moves premarket: Dish Network, Bluegreen, Albemarle and more
Check out the companies making headlines before the bell. Tesla — Stock in the electric vehicle company ticked up roughly 2% after a report from Reuters said Tesla plans to build and produce electric vehicles that will sell for 25,000 euros ($26,859) at a factory near Berlin. The move has been long anticipated as Tesla attempts to make more affordable EVs. Bluegreen Vacations — The vacation time share provider soared more than 100% after agreeing to a sale to Hilton Grand Vacations for $75 a share in cash in a deal expected to close in the first half of 2024. RingCentral — The cloud communications stock jumped 3.9% ahead of its earnings due after the bell on Monday. Analysts surveyed by FactSet expect earnings of 75 cents per share on revenue of $554.2 million, while the company’s own guidance was for earnings of 75 cents to 78 cents per share and revenue of $552 million to $556 million. Paramount Global — Shares of the owner of CBS TV and Simon & Schuster slipped nearly 4% after Bank of America downgraded the stock to underperform from buy. The investment firm warned that Paramount is less valuable if it isn’t considering selling off some of its assets. The downgrade comes after the stock rose 27% last Thursday and Friday, boosted by a strong third-quarter report. Dish Network — Shares dropped 6.2% premarket after the company missed Wall Street’s expectations on both revenue and earnings, driven by substantial losses in its pay-TV retail wireless subscribers. Dish lost 26 cents per share in the third quarter, while analysts expected earnings of 5 cents per share, according to LSEG, formerly Refinitiv. Dish also reported $3.7 billion in revenue, falling short of analysts’ forecast of $3.72 billion. As part of the previously announced deal to combine with EchoStar , Dish’s CEO resigned and will be replaced by SATS’ president and CEO effective Nov. 13. Citigroup — Shares of the global bank edged higher by 0.6%. CNBC reported early Monday that Citigroup is looking to cut at least 10% of jobs across several of its major businesses as part of CEO Jane Fraser’s corporate overhaul, known internally as “Project Bora Bora.” Nvidia — The semiconductor stock added 1.1% premarket Monday, lifted by Bank of America’s optimism about Nvidia’s quarterly earnings due Nov. 21. The bank said Nvidia should beat quarterly expectations and issue improved guidance, as investors look for insights into how U.S. restrictions on advanced AI products to China will affect Nvidia’s business. Albemarle — The chemical stock dipped 1.4% after UBS lowered its rating to neutral from buy, cutting its price target by more than 40%. The bank sees future risk to lithium volume growth, which could affect Albemarle earnings. Dominion Energy — Shares rose 1% on light volume after getting an upgrade by Barclays to overweight from equal weight. The bank said Dominion’s latest earnings were a “positive inflection point.” Affiliated Managers Group — Shares of the asset manager company gained 2.5% third quarter earnings and revenue topped analyst estimates. Affiliated Managers earned $4.08 per share, while analysts polled by FactSet had estimated $3.74. AMG posted revenue of $525.2 million, exceeding analysts’ estimate of $509.4 million. — CNBC’s Brian Evans, Jesse Pound, Michelle Fox Theobald and Scott Schnipper contributed reporting. This post has been syndicated from a third-party source. View the original article here.
