Check out the companies making headlines before the bell:
Nvidia (NVDA) — Shares of the chip stock rose in premarket trading after Needham raised its price target to a Street high of $700 per share from $600 per share. The Wall Street firm — which has a “buy” rating on Nvidia — said the company’s acquisition of Arm could potentially add $1.20 to $1.65 a share to earnings in 2022.
Lennar (LEN) — Shares of the homebuilding company dipped in premarket trading despite reporting earnings and revenue that beat analysts’ forecasts. Lennar earned $2.12 per share on revenue of $5.87 billion. Wall Street expected earnings of $1.55 per share on revenue of $5.48 billion, according to Refinitiv. The company said the home average sale price was expected to decline in the fiscal fourth quarter.
Walmart (WMT) — The big-box retailer’s membership program, Walmart+, officially launches on Tuesday, as a competitor to Amazon.com’s Prime. The membership includes unlimited free delivery on orders over $35, and discounts on gas, among other things.
Amazon.com (AMZN) — The e-commerce giant jumped in premarket trading after announcing a new shopping platform called “luxury stores.” The high-end shopping experience will be available Tuesday on the Amazon app by invitation. Oscar de la Renta marks the first store featuring its pre-fall and fall/winter 2020 collections.
Tesla (TSLA) — Shares of the electric vehicle company popped in the premarket, extending Monday’s 12% gain. Tesla lost more than 10% last week as the technology-heavy Nasdaq Composite had its worst week since March.
VF Corp. (VFC) — Shares of the retailer rose in the premarket trading after BTIG upgraded the stock to “buy” from “neutral.” The Wall Street firm said it sees tailwinds in brands Vans and The North Face, as well as improvement in online traffic. BTIG has a $88 per share price target on VF Corp.
Sony (SNE) — Shares of the company ticked lower in premarket trading after saying it was cutting production targets for its upcoming Playstation 5 by 20%, due to issues with the consoles’ chips.
Kraft Heinz (KHC) — Shares of the food and beverage company popped in premarket trading after The Wall Street Journal reported Kraft Heinz is planning to cut $2 billion in costs over the next five years.
Nikola (NKLA) — Shares of the electric truck company fell in premarket trading on a report the Securities and Exchange Commission is investigating the company on allegations from a Wall Street research shop Hindenburg Research that Nikola deceived investors about it business products.
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