Stocks making the biggest moves premarket: Beyond Meat, Cisco, Las Vegas Sands and more
Check out the companies making headlines before the bell:
Beyond Meat (BYND) — Shares of the alternative-meat maker dipped 2.4% in premarket trading after Piper Sandler downgraded the company to an underweight rating. "Beyond is an early leader in plant-based meat, but we believe its current all-channel retail momentum lags consensus expectations," the firm said in a note to clients.
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Wynn Resorts (WYNN), Las Vegas Sands (LVS) — Macao-related casino stocks dipped again as authorities weigh tighter regulations on Macao's gaming industry. Wynn declined 1.8%, while Las Vegas Sands slid 2.4%. JPMorgan downgraded both stocks to neutral from overweight following the governmental action, writing in a note to clients that they "don't like the uncertainty and opacity surrounding Macao and China policy."
DoorDash (DASH) — Bank of America upgraded DoorDash to a buy rating, sending shares 3% higher during premarket trading. The firm's bullish call is based on upside to 2021 estimates as well as a "robust" five-year growth opportunity.
Cisco Systems (CSCO) — Cisco Systems gained 1.2% after several bullish Wall Street calls that followed the company's investor day. Credit Suisse upgraded the stock to an outperform rating, saying Cisco is poised to execute on its long-term guidance while ramping its recurring revenue streams. JPMorgan, meanwhile, reiterated its overweight rating and added the stock to its analyst focus list
Fisker (FSR) — Shares of the electric vehicle company dipped 2.7% after Bank of America downgraded the stock to neutral from buy. The firm said that while Fisker is "one of the more legitimate among the universe of start-up electric vehicle automakers," the "competitive landscape is becoming incredibly fierce." Bank of America also downgraded Lordstown Motors (RIDE) to underperform, sending shares down 2% in premarket trading.
Cabot Oil & Gas (COG) — The energy stock advanced 1.3% on Thursday morning, despite a pullback in natural gas futures. Cabot's stock has surged 25% during September amid a historic run in natural gas, which has seen prices hit their highest level in more than seven years.
Alibaba (BABA), JD.com (JD), Pinduoduo (PDD) — U.S.-listed shares of Chinese tech stocks declined amid ongoing fears over what new regulatory measures could mean for the group. All three stocks dipped more than 1%.