Check out the companies making headlines in premarket trading Wednesday.
Tesla, Twitter – The electric vehicle maker slid 1.5% after CEO Elon Musk reversed course on his Twitter purchase, proposing once again to take over the social media company for $54.20 per share. He had previously tried to back out of buying the company, but Twitter sued him to go through with the purchase. Twitter shares dipped slightly after rallying on the news Tuesday.
Automakers – Ford rose 1.5% after Morgan Stanley upgraded the stock to overweight from equal weight, citing a potential buying opportunity after the stock’s recent decline. General Motors, meanwhile, dipped 1.8% after the firm lowered its price target on the stock.
Morgan Stanley, Goldman Sachs – Shares of the two banks slid 1.4% and 1.6%, respectively, after Atlantic Equities downgraded both stocks due to the potential of declining investment banking volume.
Airbnb – The online travel platform was up 0.8%, outperforming the broader market, after Bernstein initiated coverage of the stock with an outperform rating and a price target that implies upside of about 30% from Tuesday’s close.
Cruise lines – The major cruise lines dipped after surging during Tuesday trading, when Norwegian Cruise Line said it would drop Covid-19 testing, masking and vaccination requirements. The stock was down 2% on Wednesday, while Carnival and Royal Caribbean lost 2.3% and 1.9%, respectively.
Bionano Genomics – Shares jumped 11.3% after the company published a study on using optical genome mapping to investigate liver cancer.