Check out the companies making headlines before the bell:
Keurig Dr Pepper: Consumer shares fell 1.5% premarket after Goldman Sachs downgraded the stock to neutral from a buy rating. The Wall Street firm said it sees increased risk to Keurig’s margins as commodity inflation, particularly coffee-related inflation, remains high.
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Lucid Group: Shares of the electric vehicle player rose 2.7% in premarket trading after Cantor Fitzgerald initiated coverage with an overweight rating. The firm said Lucid’s luxury and premium vehicles provide greater efficiency, longer range, faster charging and more space relative to its peers.
Norfolk Southern, CSX – Shares of the railroad companies each fell more than 1% after UBS downgraded the duo, citing a deteriorating macro context. The Wall Street firm said it will be difficult for Norfolk and CSX to achieve the agreed-upon 25% volume growth going forward.
Li Auto — Shares of the Chinese electric vehicle maker rose 0.5% in premarket trading, even after the company cut its third-quarter delivery guidance by 2,500 vehicles, or 9%. The company said the downward revision was due to supply chain constraints.
Amazon, Apple, Microsoft – Big tech names Amazon, Apple, Alphabet and Microsoft traded at least 1% higher before the market, a potential rebound from Monday’s selloff. Treasury yields retreated on Tuesday morning after multi-year highs hit in the previous session pressured tech names.