US Premarket: Tesla, Airbnb, Ford and other stocks making biggest moves

Tesla, Twitter

Shares of the electric vehicle maker fell 1.5% in the premarket after CEO Elon Musk reversed course on his Twitter purchase, proposing once again to take over the social media company for $54.20 per share. Previously, he tried to back out of buying the company, but Twitter sued him to go through with the purchase. Twitter shares slipped 0.6% after rallying on the news Tuesday.

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Airbnb

The online travel platform’s stocks added 0.8% in the premarket, outperforming the broader market after Bernstein started coverage of the stock with an outperform rating and a price target that implies an upside of around 30% from Tuesday’s close. 

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Cruise lines 

The major cruise lines slipped in premarket trading after jumping during Tuesday trading when Norwegian Cruise Line said it would slip Covid-19 testing, masking, and vaccination requirements. The stock slipped 2% on Wednesday, while Carnival and Royal Caribbean lost 2.3% and 1.9%, respectively.

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Automakers

Ford gained 1.5% in premarket action after Morgan Stanley upgraded the stock to overweight from equal weight, citing a potential buying opportunity after the stock’s recent decline. General Motors slipped 1.8% after the company lowered its price target on the stock. Ford Motor will end production of its $500,000 GT supercar later this with a special edition model paying tribute to the vehicle’s racing heritage. 

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Morgan Stanley, Goldman Sachs

Shares of Morgan Stanley fell 1.4% and Goldman Sachs lost 1.6% after Atlantic Equities downgraded both stocks due to the potential of declining investment banking volume.

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Bionano Genomics

Shares surged 11.3% in premarket trading after the company published a study showing the use of optical genome mapping (OGM) to investigate a molecular subgroup of hepatocellular carcinoma (HCC), which is the most common form of liver cancer, in order to explore the complex structural variations (SVs) induced by replication stress.