Cases of Coca-Cola soda near a taco stand in Mexico City, Mexico, Wednesday, January 25, 2023.
Jeoffrey Guillemard | Bloomberg | Getty Images
Check out the companies making the biggest leaps in pre-market commerce:
Coca Cola — Shares of the beverage maker rose about 1.4% early in the morning after the company posted better-than-expected first-quarter earnings, fueled by price increases and stronger demand. Revenue was roughly in line with expectations at $10.96 billion adjusted from Refinitiv’s consensus estimate of $10.8 billion.
First Solar – Shares fell 2.5% pre-market following a downgrade by Citi to sell from neutral. The Wall Street firm cited a tough long-term outlook for First Solar, which is up about 45% year-to-date.
You’re here – The electric vehicle maker fell nearly 1% following a letter from institutional investors to Tesla’s board to rein in CEO Elon Musk. Last week, the company announced a drop in net profit of more than 20% compared to the previous year.
Bed bath and beyond – The meme stock favorite was down 35% on Monday before the bell. Bed Bath & Beyond filed for bankruptcy on Sunday, ending months of warnings from the company that more capital was needed to avoid Chapter 11. Shares have fallen 88% since the start of the year.
Swiss credit — The Swiss bank’s US-listed shares gained about 2% pre-market. Credit Suisse said it recorded net asset outflows of 61.2 billion Swiss francs ($68 billion) in the first quarter. However, it recorded a profit of 12.43 billion Swiss francs for the quarter thanks to the cancellation of 15 billion Swiss francs of AT1 bonds. UBS’s acquisition of Credit Suisse is expected to be completed by the end of the year
C3.ai – Shares of the popular artificial intelligence stock fell nearly 5% before the bell after Wolfe Research downgraded the stock to underperform, citing revenue growth concerns.
Medtronic — The medical device maker added 1.4% after being upgraded from overweight to equal weight by Wells Fargo. The Wall Street company expects Medtronic to benefit from a maturing product pipeline and improving medical technology trends.
Albemarle — Shares of the mining company gained nearly 3% in premarket trading, trimming Albemarle’s losses from a week ago. The stock fell 10% on Friday amid reports that Chile was considering nationalizing its lithium mining industry. Albemarle CEO Kent Masters told CNBC’s “Last Call” on Friday that the company’s existing mine and contracts in the country would not be affected.
– CNBC’s Tanaya Macheel, Brian Evans, Samantha Subin and Jesse Pound contributed reporting.
