Cans of Coca-Cola soda near a taco stand in Mexico City, Mexico, on Wednesday, January 25, 2023.
Geoffrey Guillimard | bloomberg | Getty Images
Check out the companies making the biggest moves in pre-market trading:
Coca-Cola Shares of the beverage maker added about 1.4% in early morning trade after the company reported better-than-expected first-quarter earnings, driven by higher prices and higher demand. Revenue came in in line with expectations, at $10.96 billion adjusted for Refinitiv’s estimate of $10.8 billion.
First Solar – Shares fell 2.5% in a pre-market after Citi downgraded to sell from neutral. Wall Street cited a tough long-term outlook for First Solar, which is up about 45% year-to-date.
Tesla — The electric car maker fell nearly 1% after a letter from institutional investors to Tesla’s board of directors to rein in CEO Elon Musk. Last week, the company reported a drop in net income of more than 20% from a year earlier.
Bed Bath & Beyond – Favorite Mimi stock fell 35% Monday before the bell. Bed Bath & Beyond filed for bankruptcy protection on Sunday, ending months of warnings from the company that more capital was needed to avoid Chapter 11. Shares have lost 88% since the start of the year.
Credit Suisse Shares of the US-listed Swiss bank rose nearly 2% in the primary market. Credit Suisse said it saw net asset outflows of 61.2 billion Swiss francs ($68 billion) in the first quarter. However, it posted a profit of CHF12.43 billion for the quarter thanks to a writedown of CHF15 billion on AT1 notes. UBS’ 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 its shares, citing concerns of slowing revenue growth.
Medtronic — The medical device maker added 1.4% after being upgraded to overweight from equal weight by Wells Fargo. The Wall Street firm expects Medtronic to benefit from a mature product pipeline and improving Medtech trends.
Albemarle Shares of the mining company rose nearly 3% in pre-market trading, paring Albemarle’s losses from last week. The stock fell 10% on Friday amid reports that Chile is 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 will not be affected.
— CNBC’s Tanaya Machell, Brian Evans, Samantha Sobin, and Jesse Pound contributed to the report.
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