Check out the companies making headlines before the bell. Wolfspeed – The semiconductor stock fell nearly 5% following a downgrade to underperform from neutral at Mizuho. The firm sees pricing for silicon carbide – a semiconductor material used in electric vehicles – being down about 10% to 20% year-over-year in 2025. Mizuho also cited lower EV production expectations both in the second half of this year and next year as another potential headwind for the company. Nvidia – Shares of the AI chip giant rose more than 1% after CEO Jensen Huang told CNBC’s ” Closing Bell: Overtime ” on Wednesday that it’s seeing “insane” demand for its next-generation AI graphics processor known as Blackwell. The CEO also said that Blackwell, which is expected to ship in the fourth quarter, is on schedule. Hims & Hers Health — The telehealth company declined around 9% after the U.S. Food and Drug Administration said the shortage of GLP-1 treatments from Eli Lilly has been resolved. Hims & Her Health had previously developed compound versions of the weight-loss drugs to take advantage of the shortages. EVgo — Shares advanced more than 9% after JPMorgan upgraded the electric vehicle charging company to overweight . Analyst Bill Peterson pointed to EVgo’s utilization rate compared to peers as well as its owner-operator model as catalysts. Levi Strauss — Shares plunged 12% after the denim maker trimmed its full-year revenue guidance and delivered fiscal third-quarter revenue that missed analysts’ expectations. The company is also considering a sale of its underperforming Dockers business. Constellation Brands — The beverage company rose slightly on the back of better-than-expected fiscal second-quarter earnings. Constellation Brands earned $4.32 per share, beating a StreetAccount estimate of $4.08 per share. Revenue of $2.92 billion, however, marginally missed expectations. The company also reiterated its full-year earnings per share guidance. Stellantis — The automaker was down more than 3% in the premarket after a Barclays downgrade to equal weight from overweight. “We got wrong-footed on STLA, being too slow to acknowledge its US inventory issue and eroding EU/US market shares,” analyst Henning Cosman wrote. — CNBC’s Brian Evans, Lisa Han, Jesse Pound and Sean Conlon contributed reporting
https://www.cnbc.com/2024/10/03/stocks-making-the-biggest-moves-premarket-nvda-levi-evgo-and-more.html
