Take a look at some of the biggest movers in the premarket:
Tesla (TSLA) – Tesla surged 7.4% in the premarket following news that it delivered 308,600 vehicles during the fourth quarter, well above the consensus estimate of 263,026. The quarter’s deliveries were 70% above year-ago levels and about 30% higher than the prior quarter.
McDonald’s (MCD) – McDonald’s was upgraded to “overweight” from “neutral” at Piper Sandler, which points to the restaurant chain’s ability to deliver on increasing preferences for drive-through and elevated demand for chicken and hamburger offerings. McDonald’s rose 1.1% in premarket trading.
Nio (NIO) – Nio gained 2.2% in the premarket after the China-based electric vehicle maker reported December deliveries of 10,489 vehicles, up 50% from December 2020.
Xpeng (XPEV) – Xpeng – another China-based EV maker – rallied 2.5% in premarket trading as it, too, exceeded estimates by delivering 16,000 vehicles last month. That was up 181% from a year earlier.
Li Auto (LI) – Li Auto delivered 14,087 electric vehicles in December, a gain of 130% year-over-year, matching its fellow China-based EV makers. Li Auto shares added 2.8% in premarket action.
ODP (ODP) – ODP jumped 3.1% in premarket trading after it announced the sale of its CompuCom unit in a deal valued at up to $305 million. The Office Depot and OfficeMax parent also added $200 million to its stock buyback program.
PayPal (PYPL) – PayPal gained 1.9% in the premarket, following a BMO upgrade to “outperform” from “market perform” based on the payment service’s current valuation.
Wells Fargo (WFC) – The bank’s shares added 1.4% in premarket trading after Barclays upgraded Wells Fargo to “overweight” from “equal weight.” Barclays expects banks to outperform the market in 2022 as net interest margins improve off historic lows.
Advanced Micro Devices (AMD) – The chipmaker was one of several semiconductor stocks named as “top picks” at Goldman Sachs, which said AMD is among the companies that will see continued strength as sector outperformance becomes more muted in 2022. AMD rose 1.2% in the premarket. The other semiconductor “top picks” were Marvell Technology (MRVL), up 1.2% in premarket trading, and Micron Technology (MU), up 0.9%.
Callaway Golf (ELY) – The golf equipment maker was named a “top pick” at Compass Point, which said Callaway is on an “operational roll” with growth expected across all its businesses in 2022. Callaway added 1.9% in the premarket.