Tesla (TSLA)

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

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Rivian (RIVN)

Shares of electric cars and trucks maker tumbled 9% in
premarket trading after it recalled nearly all its vehicles to fix potential
steering issues. Rivian said no injuries have been reported as a result of the
problem.

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Ford (F), General Motors (GM)

Ford slipped 3.6% and General Motors slid 3.5% in the
premarket after UBS downgraded both automakers. UBS downgraded Ford to “sell”
from “neutral” and GM to “neutral” from “buy.” The brokerage said the auto
industry is rapidly moving toward vehicle oversupply following three years of
unprecedented pricing power.

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Procter & Gamble (PG)

P&G shares slid 1.3% in premarket action after Goldman
Sachs downgraded the consumer products giant’s shares to “neutral” from “buy.”
Goldman cited valuation concerns and possible market share headwinds.

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Toast (TOST)

Toast rallied 3.3% in premarket action after Mizuho
upgraded the stock to “buy” from “neutral,” saying its research puts the profit
and sales potential from the restaurant-focused technology platform provider’s
services in focus.

Stellantis (STLA)

Stellantis signed an agreement with Australian mining
company GME Resources to supply nickel and cobalt as it moves to secure key
components for electric vehicle batteries. Earlier this year, the automaker
signed a lithium supply agreement with Australia’s Vulcan Resources.

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Kraft Heinz (KHC)

Kraft Heinz added 2% in premarket trading after Goldman
Sachs upgraded the food maker’s stock to “buy” from “neutral.” According to
Goldman, 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.

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Merck (MRK)

Shares of the drugmaker gained 2.7% in the premarket after
Guggenheim upgraded the stock to “buy” from “neutral.” The firm said Merck is
poised to beat profit estimates on good growth prospects for key products,
among other factors.