Stocks making the biggest moves premarket: Tesla, Netflix, Peloton and more

Published Thu, Oct 19 20238:33 AM EDT

Check out the companies making headlines before the bell. Tesla — Shares of the electric vehicle manufacturer dropped more than 7% after it reported third-quarter earnings results that failed to impress investors. Earnings came in at $0.66 per share on $23.35 billion in revenue, lower than the $0.74 per share on $24.10 billion in revenue estimated by analysts surveyed by LSEG. Netflix — The streaming entertainment provider jumped nearly 13% after quarterly results postmarket Wednesday and new subscriber numbers all topped analyst estimates. Netflix added 8.76 million subscribers during the period, fueled by a crackdown on password sharing and its new advertising-supported tier. Analysts polled by StreetAccount expected 5.49 million new subscribers in the quarter. Best Buy — The consumer electronics retailer ticked higher on the back of an upgrade to buy from Goldman Sachs, which cited an attractive valuation for the stock. Shares were up more than 2.5% before Thursday's trading session formally opened. CrowdStrike — CrowdStrike stock gained 2% before the bell after Jefferies upgraded shares of the cybersecuruty software provider to buy. Catalysts for the upgrade included CrowdStrike's position as an industry leader and its ability to capitalize on long term, cloud tailwinds. Zscaler — This cybersecurity company was also up nearly 2% in premarket trading, after Jefferies similarly upgraded it on Thursday, citing an improved growth outlook. First Solar — Shares added nearly 2% in premarket trading after JPMorgan upgraded the renewable energy company to overweight. The bank cited First Solar's recent pullback as a good entry point for investors. Aptiv — The automotive parts maker gained following an upgrade to overweight at JPMorgan. The bank highlighted Aptiv's strong top-line growth outlook and company-specific profit margin drivers. Shares added 2.8%. Peloton — The fitness stock slid 6.4% before the bell after a downgrade to underperform from Bank of America. Analyst Curtis Nagle cited declining member engagement as a reason for the downgrade. AT & T — Shares added more than 4% after the telecommunications company reported third-quarter earnings that exceeded analyst expectations. AT & T reported $0.64 earnings per share on $30.4 billion in revenue, as opposed to the $0.62 earnings per share on $30.19 billion estimated by analysts polled by LSEG. Blackstone — The alternative asset manager fell 3% in premarket trading after Blackstone's third-quarter results came in below expectations. Blackstone reported 94 cents in earnings per share on $2.32 billion of revenue. Wall Street analysts expected $1.01 per share on $2.51 billion of revenue, according to LSEG. Revenue rose less than 3% year over year. Las Vegas Sands — Shares popped more than 5% after Las Vegas Sands reported third-quarter revenue that topped expectations. The casino and resort company posted revenue of $2.8 billion, greater than the consensus estimate of $2.72 billion, according to FactSet. It posted earnings of 55 cents, in line with the consensus estimate from FactSet. Lam Research — Shares dropped 3% in premarket trading. Lam Research reported adjusted earnings of $6.85 per share on revenue of $3.48 billion. That topped estimates from analysts polled by FactSet, who anticipated earnings of $6.15 per share on revenue of $3.42 billion. The bottom end of forward guidance for the fiscal second quarter fell short of estimates. — CNBC's Sarah Min, Jesse Pound and Samantha Subin contributed reporting.