Check out the companies making headlines before the bell. Constellation Energy — The energy stock added 2% following an upgrade to buy from neutral at Bank of America. Analyst Ross Fowler said that the company was in the best position to benefit from upcoming regulatory clarity coupled with increasing demand and tightening supply. This potential is not currently baked into the company’s price, making shares undervalued, he added. Celsius Holdings — Shares of the energy drink manufacturer rose nearly 4% after JPMorgan initiated coverage of the company with an overweight rating, citing lighter inventory and a reacceleration in U.S. energy drink category growth as catalysts. Uber — Shares of the ridesharing company climbed more than 3%, rebounding from losses earlier in the week. The stock has declined for three straight days, including a 5.8% drop on Wednesday after General Motors halted funding of Cruise. The autonomous driving division had a partnership with Uber. Beverage companies — Deutsche Bank analyst Steve Powers upgraded Coca-Cola , PepsiCo and Keurig Dr Pepper to buy from neutral. Each of the stocks moved up around 1% in premarket trading. The analyst anticipates accelerating trends in restaurant traffic and more impulse purchasing next year, which he believes should benefit the beverage and snacks industry. Adobe — The software giant tumbled 11% after issuing weaker-than-expected revenue guidance for its fiscal first quarter. Adobe anticipates revenues between $5.63 billion and $5.68 billion, versus the LSEG consensus estimate of $5.73 billion. Oxford Industries — Shares of the apparel and footwear retailer declined about 4% after posting third-quarter results that fell short of expectations. The owner of retail brands such as Tommy Bahama reported adjusted losses of 11 cents per share on revenue of $308 million for the period. Analysts polled by FactSet expected it to earn 9 cents per share on $316.8 million in revenue. Chewy — The pet goods retailer’s shares fell about 3% in premarket trading after it announced a public offering of $500 million shares, which are being sold by Buddy Chester Sub. The retailer plans to concurrently purchase $50 million in shares from Buddy Chester. Warner Bros Discovery — Shares of the media and entertainment company surged 6% after it announced plans to split its cable TV operations from its faster growing streaming and studio operations. — CNBC’s Lisa Kailai Han, Jesse Pound, Yun Li and Michelle Fox contributed reporting.
Stocks making the biggest moves premarket: UBER, CELH, ADBE, CHWY
