Ford, General Motors, Rivian and more

Markets open lower on key inflation data, earnings ahead

Check out some of the top engines on the premarket:

Ford (F), General Motors (GM) – UBS downgraded both automakers, cutting Ford to “sell” from “neutral” and downgrading GM to “neutral” from “buy.” UBS said the auto industry is moving rapidly toward an oversupply of vehicles after three years of unprecedented pricing power. Ford fell 3.6% in premarket while GM fell 3.5%.

Rivian (RIVN) – Shares of Rivian fell 9% in premarket after it recalled almost all of its vehicles to fix possible steering problems. The electric car and truck maker said there were no injuries as a result of the problem.

Toasts (TOST) – Mizuho upgraded the restaurant-focused technology platform provider from “buy” to “neutral,” saying its research puts the spotlight on the benefits and sales potential of Toast’s services. Toast rose 3.3% in the premarket.

Tesla (TSLA) – Tesla delivered more than 83,000 vehicles from its Shanghai factory last month, up 8% from August and its highest monthly total ever for the recently upgraded plant. However, Tesla lost ground in premarket trading, after RBC cut its price target on the stock to $340 per share from $367 per share.

stellar (STLA) – Stellantis has signed a nickel and cobalt supply deal with Australian mining company GME Resources, as it moves to secure key components for electric vehicle batteries. The automaker had signed a lithium supply deal earlier this year with Australia’s Vulcan Resources.

Kraft Heinz (KHC) – Kraft Heinz rose 2% in premarket action after Goldman Sachs upgraded the food maker’s stock to “buy” from “neutral.” Goldman said Kraft Heinz is one of the few consumer staples stocks where the prospect of higher profit margins is not yet fully priced into the stock.

Procter & Gamble (PG) – Shares of P&G declined 1.3% in premarket trading, after Goldman Sachs cut its rating on the consumer products giant’s stock to “neutral” from “buy.” Goldman’s updated outlook reflects valuation concerns and potential market share headwinds.

Merck (MRK) – Merck rose 2.7% in premarket after Guggenheim upgraded the stock to “buy” from “neutral.” The firm said the drugmaker is poised to beat consensus earnings on good growth prospects for key products, among other factors.

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