Check out the companies making headlines in premarket trading. Tesla — Shares fell 1.2% after U.S. safety regulators said Tesla will recall more than 2 million vehicles to fix issues with its driver assistance system. The electric vehicle maker will send out a software update to fix the problem, which impacts models Y, S, 3 and X produced between Oct. 5, 2012 and Dec. 7, 2023. Pfizer — The biopharmaceutical stock dropped 7.4% after Pfizer issued full-year guidance for adjusted earnings per share and revenue. It was not immediately clear if earnings were comparable to the consensus estimate of analysts polled by FactSet, while revenue guidance was soft. Pfizer said it would see an impact on earnings from its acquisition of Seagen, a biotechnology company focused on cancer. Cognyte Software — The security software provider advanced 4.4% following a better-than-anticipated earnings report and a strong outlook. The company surpassed expectations of analysts polled by FactSet for earnings and revenue in the third quarter, while also setting full-year guidance that was better than forecasted for both lines. ABM Industries — The facilities management stock climbed 3.7%. ABM beat expectations of analysts polled by FactSet on both lines in the fiscal fourth quarter, while offering full-year guidance for per-share earnings that was in line with analysts’ forecasts. The company also increased its quarterly dividend. Xponential Fitness — Xponential jumped 7.4% on the heels of an upgrade to buy from hold by Stifel. The firm said the stock has good risk-reward levels after a selloff that it said may have been overdone. Coherent — The manufacturing stock dropped 2.3% after a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said that the stock is still worth liking over the long term, but that its near-term upside has already been captured. Roblox — Shares of the video game company rose 1.5% after Wells Fargo initiated coverage of Roblox with an overweight rating. The investment firm said that the potential revenue from advertising on Roblox is underappreciated by the market. RxSight — The eye health stock added 1.8% following an upgrade to overweight from equal weight by Wells Fargo. The firm said the company’s light-adjustable lens technology has reached an inflection point. Hertz — Shares of the rental car company fell 1.9% after a downgrade to perform from outperform at Oppenheimer. “The company will face several headwinds in 2024, including significant ongoing challenges to its EV initiative, higher vehicle interest expense, and higher DPU [depreciation per unit],” wrote analyst Ian Zaffino. The firm also removed its previous price target of $14 for Hertz. Church & Dwight — The consumer goods maker shed 1.3% on the back of a Citi downgrade to sell from neutral. The bank said Church & Dwight has valuation at levels that are considered elevated. — CNBC’s Michelle Fox, Jesse Pound, Lisa Kailai Han contributed reporting.
