CarMax, Salesforce, Coinbase and more

Find out which companies are making headlines in pre-market commerce.

CarMax – Shares of the used-car seller fell 4.8% after JPMorgan downgraded them to underweight, saying investors are not fully pricing in the risks surrounding the company and hopes of a recovery seems “premature”. CarMax fell 53% in 2022 but has risen 18% since its disappointing quarterly results in December.

Selling power – The software giant fell around 3% after Bernstein downgraded the stock for underperforming market performance, saying it was falling into “growth purgatory” and could struggle to get out of it. This comes a week after the company announced plans to cut its workforce. Shares could fall another 20%, according to Bernstein.

Coinbase – Shares of the crypto services provider fell about 3% following a downgrade from Bank of America, which said consensus estimates on Coinbase were “far too high” given the current outlook for the economy. cryptography. It came a day after the company announced a second round of layoffs comprising around 950 jobs, by a fifth of the company. Coinbase shares fell 86% in 2022 as macro conditions and scandal dragged the crypto market down.

You’re here – Tesla shares rose 2% after the electric vehicle maker registered with the state of Texas to expand its electric vehicle factory in Austin this year. Separately, Goldman Sachs also named the stock among the top picks for 2023.

Levi Strauss & Co – Shares of the clothing company fell 2.2% after Citi downgraded the stock to neutral for the long. The company cited weaker denim trends that could put pressure on the business in the short to medium term.

Discovery of Warner Bros. – Guggenheim upgraded the media company to buy from neutral Wednesday, citing an attractive risk-reward ratio and narrative for the first half of the year. Warner Bros. Discovery rose 1.75% in premarket, after gaining 8% on Tuesday.

Toll Brothers – Shares of the homebuilder rose nearly 2% after Bank of America upgraded Toll Brothers to buy from breakeven, noting, “TOL will face additional headwinds from incentives and change of mix throughout the year, but this will be offset by favorable winds, lower input costs, in particular lumber.”

Wells Fargo – Wells Fargo shrinks its footprint in the mortgage market as the bank manages regulatory pressure and the impact of rising rates on housing. The company was once the nation’s largest mortgage lender. It will now limit home loans to existing customers and borrowers from minority communities. Shares were less than 1% higher pre-market.

South West Airlines – Susquehanna downgraded the airline from neutral to positive, citing operational collapse during the recent winter storm. Southwest lost 1.55% in premarket.

waltz disney – Disney has revised its pricing policies at its national theme parks, making a number of changes to its reservation and ticketing system, as well as its annual membership benefits, to make it easier for loyal customers to participate. Shares were less than 1% higher pre-market.

– CNBC’s Samantha Subin, Michelle Fox, Jesse Pound and Alex Harring contributed reporting

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