Check out the companies making headlines before the bell:
Sonos — The wireless speaker maker’s stock dropped more than 12 percent after releasing its first quarterly earnings report as a public company. Sonos posted a loss of 45 cents a share on revenue of $208.4 million. In a statement, the company said its revenue fell 6 percent year-over-year.
Tesla — Tesla shares fell 2 percent in the premarket after Nomura analyst Romit Shah said the stock is “no longer investable.” Shah, who downgraded Tesla to “neutral” from “buy,” said that “notwithstanding improving fundamentals, we believe that Tesla is in need of better leadership.”
Nike — Nike gained 0.6 percent before the bell after an analyst at Canaccord Genuity upgraded the stock to “buy” from “hold.” The analyst also hiked his price target to $95 per share from $78 a share. Canaccord added that Nike’s ad featuring former San Francisco 49ers quarterback Colin Kaepernick “a stroke of genius.”
Travelers Cos. — The insurance giant’s stock was headed for a fourth straight day of losses as Hurricane Florence approaches the Carolinas as a Category 4 storm. Shares of home improvement companies Home Depot and Lowe’s, meanwhile, rose in the premarket.
Apple — UBS raised its price target on Apple shares to $250 from $215 citing the company’s “recurring hardware revenue stream” from its iPhones. Analysts at the bank also said revenue for Apple’s services segment could grow 20 percent on a year-over-year basis for the next two years. Apple close at $218.33 on Monday.
Snap —Snap shares rose 2.3 percent in the premarket after Wedbush Securities upgraded them to “outperform” from “neutral,” and hiked its price target to $12.25 a share from $11.50 a share. The analysts noted that recent management changes, including hiring new CFO Tim Stone, “suggest the potential for a shift in strategy” for the embattled company.
Amazon — Analysts at Deutsche Bank said in a note that Amazon’s acquisition of online pharmacy PillPack could accelerate the company’s move into the health-care space. “We believe it is a question of when and where – and not if – Amazon enters the healthcare space more forcefully,” the analysts said in a note.