Check out the companies making headlines in pre-market trading. Li Auto, Tesla – Shares of electric vehicle makers fell more than 7% and 3%, respectively, after announcing price cuts. Tesla has cut the retail price of its Model 3 in China, in addition to cuts in other markets, Reuters reports. Lee has cut prices on many models, including the recently launched MEGA SUV. U.S. shares of Chinese electric vehicle makers Nio and Xpeng fell more than 2% simultaneously. Verizon — Shares of the telecom giant traded 1.5% higher as earnings per share beat expectations. Verizon earned $1.15 per share in the first quarter before expenses, three cents more than the consensus of analysts surveyed by FactSet. However, the New York-based company posted revenue of $33 billion, slightly below the $33.32 billion figure Wall Street reported. Verizon also reiterated its full-year guidance on a number of measures. Riot Platforms – The Bitcoin miner jumped 5.9% as JPMorgan Chase reaffirmed its outperform rating. JPMorgan said it likes Riot’s position as a leader in Bitcoin after the company’s tenure as an analyst. The call also followed the cryptocurrency’s fourth-ever halving event on Friday. Cryptocurrency stocks. Besides Riot, several other Bitcoin-related companies followed the halving. Coinbase shares rose 2.2%, while Marathon Digital and Microstrategy shares rose more than 4%. Alcoa – The aluminum company added 1.2% after Morgan Stanley upgraded the stock to equal weight from underweight. Morgan Stanley pointed to a better risk-reward profile, improved profitability and more potential benefits from the Inflation Reduction Act. Block – Shares added 0.7% after Bank of America reiterated a buy rating on financial services stocks. The bank believes Block is currently trading at an attractive price after falling 9% year-to-date and can expect “significant multiple growth” in the future. Euronet Worldwide – Fintech shares rose 1.7% after Citi moved to buy from neutral. Although shares have fallen over the last month or so, the firm is confident Euronet can meet or exceed the top end of its profit forecast. Hut 8 – Shares rose 2.6% after Benchmark initiated coverage of the data center operator with a “buy” rating, citing Hut 8’s diversified business model and its significant bitcoin holdings. The company’s $12 price target suggests about 50% upside from Friday’s close. — CNBC’s Lisa Kailai Han, Hakyung Kim and Sarah Min contributed reporting.
