Stocks making the biggest moves in the premarket: Facebook, Tesla, Kansas City Southern, Costco & more

Take a look at some of the biggest movers in the premarket:

Facebook (FB) – Facebook announced it would not accept new political ads in the week before Election Day, and will remove posts that claim people will get Covid-19 if they take part in voting. Facebook will also add informational labels to any posts that seek to delegitimize election results.

Tesla (TSLA) – The automaker’s largest shareholder, investment management firm Baillie Gifford, has cut its stake in Tesla to less than 5% from 6.32%. Baillie Gifford said it took the action due to portfolio restrictions after the rapid runup in Tesla shares increased its overall percentage of the firm’s holdings.

Kansas City Southern (KSU) – Private-equity firms Blackstone (BX) and Global Infrastructure Partners have made a takeover offer for the rail operator, according to people familiar with the matter who spoke to The Wall Street Journal. Kansas City Southern currently has a market value of nearly $18.3 billion, and the paper said the value of the takeover bid could not be learned.

Beyond Meat (BYND) – Baird initiated coverage of the plant-based burger maker with an “outperform” rating, saying increased distribution should give Beyond Meat substantial growth over the next several years.

Eli Lilly (LLY) – Morgan Stanley upgraded the drug maker’s stock to “overweight” from “equal weight,” pointing to prospects in the areas of diabetes and Alzheimer’s.

Verizon (VZ), (AMZN) – Verizon and Amazon are considering a $4 billion investment in India-based telecom company Vodafone Idea, according to a report in India’s Mint newspaper. Vodafone Idea is a joint venture between Britain’s Vodafone (VOD) and India’s Idea Cellular, and such an investment might help it pay $6.8 billion that it owes to the Indian government.

Costco (COST) – The warehouse retailer reported a 13.2% rise in August comparable-store sales, compared to the 10.7% consensus estimate. Costco’s e-commerce sales more than doubled during the month compared to a year earlier.

PVH (PVH) – The company behind the Tommy Hilfiger and Calvin Klein apparel brands reported quarterly profit of 13 cents per share, compared to analysts’ forecasts of a loss of $2.43 per share. PVH’s results were driven by strong demand for casual clothing as employees continued to work from home amid the pandemic.

JPMorgan Chase (JPM), Bank of America (BAC) – Deutsche Bank upgraded both stocks to “buy” from “hold,” noting the extreme lag for bank stocks amid the overall market rally and positive catalysts including a macroeconomic recovery.

FedEx (FDX), United Parcel Service (UPS) – Berenberg upgraded FedEx to “buy” from “hold,” while downgrading UPS to “sell” from “hold.” Berenberg sees margins and free cash flow improving for FedEx, while saying recent gains in UPS shares have run way ahead of the company’s profit trajectory.

CrowdStrike (CRWD) – The cybersecurity company surprised Wall Street with a quarterly profit of 3 cents per share, with analysts having predicted a loss of 1 cent per share. Revenue also beat forecasts, and CrowdStrike issued an upbeat outlook.

Rocket Companies (RKT) – The parent of Quicken Loans reported a profit of $3.5 billion in its first quarter as a public company, compared to a year-ago loss. Rocket benefited from increased loan volume driven by lower interest rates.

Cloudera (CLDR) – The cloud data company beat estimates by 4 cents a share, with quarterly profit of 10 cents per share. Revenue also topped Street forecasts, boosted by a 17% increase in subscription revenue. Cloudera issued a better-than-expected current-quarter and full-year outlook as well.

PagerDuty (PD) – The provider of cloud-based help desk software lost 4 cents per share for its latest quarter, smaller than the 7 cents a share loss that analysts were expecting. Revenue matched forecasts, however its full-year projections were below Street forecasts.

Novavax (NVAX) – A study published in the New England Journal of Medicine showed the drugmaker’s Covid-19 vaccine candidate is safe and elicits an immune response.

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