Stocks making the biggest moves premarket: Levi Strauss, Tesla, Comcast, AT&T & more

Market Insider

Check out the companies making headlines in the premarket Wednesday:

Levi Strauss — The jeans maker’s stock fell more than 6% after reporting a 17% drop in profit in the second quarter. The company said it was hit by a strong dollar and higher marketing and online costs.

Marriott International — The hotel chain was sued by the District of Columbia on Tuesday for allegedly deceptive “drip pricing,” which adds hidden fees to hotel bills. “Marriott reaped hundreds of millions of dollars in profit by deceiving consumers about the true price of its hotel rooms,” D.C. Attorney General Karl Racine said.

Comcast — Goldman Sachs upgraded the NBCUniversal and CNBC parent company to “buy” from “hold,” and hiked its price target on the stock to $54 per share from $44 a share. An analyst at the bank said Comcast is “positioned to sustain double-digit growth” in earnings over the next five years as its Cable, NBCUniversal and Sky businesses have “strong fundamentals.”

Tesla — The electric car maker’s stock rose 1.7% after Bloomberg News reported employees were told to prepare for a production increase.

AT&T — AT&T unveiled a new streaming service called HBO Max that will include programming from CNN, Cartoon Network, and Warner Bros. The new service will also have the exclusive streaming rights to “Friends.”

Deere — An analyst at UBS downgraded Deere to “neutral” from “buy,” noting: “While higher grain prices are a positive indicator for future farm income, we expect machinery demand to be restrained until the 2019 growing season.”

Helen of Troy — Shares of the home and beauty products company jumped more than 8% on the back of better-than-expected quarterly numbers. Helen of Troy reported earnings per share of $2.06 on revenue of $376 million. Analysts polled by Refinitiv expected a profit of $1.68 per share on sales of $352 million. The company also raised its full-year earnings and revenue guidance.

Redfin, Zillow — Redfin and Zillow were initiated with “buy” ratings at SunTrust. The analysts said Redfin has a sizeable total addressable market, which offers a “significant growth runway in a fragmented market.” On Zillow, SunTrust said its growing scale could lead to “meaningful” free cash flow and profit growth in the long term.

United Parcel Service, FedEx — UPS and FedEx were initiated with “buy” ratings by an analyst at Goldman Sachs. The analyst said he sees a 21% upside for UPS from its current levels given its position to grow with “robust e-commerce trends.” The analyst also said FedEx has an attractive valuation.

—CNBC’s Michael Bloom contributed to this report.

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