Stephanie McMahon is the Chief Brand Officer of WWE and TV Personality. She delivers the keynote address for Sports Matters, which was held in conjunction to All That Matters 2016. It took place in Singapore on September 14, 2016.
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These are the headline-grabbing companies in premarket trading.
World Wrestling Entertainment — Shares advanced 9.7% after Vince McMahon elected himself executive chairman of the company despite retiring last year due to a sexual misconduct scandal.
Bed Bath & Beyond — The retailer dropped 12.4%, building on the sharp losses seen Thursday, after management said the company is low on cash and considering bankruptcy. KeyBanc has dropped its price target for the stock from $2.50 to 10 Cents due to concerns about bankruptcy and weak fundamentals.
Tesla — Shares fell 6.4% after the electric-vehicle maker lowered prices for its Model 3 and Model Y vehicles in China.
Silvergate Capital – The crypto-focused bank added to its Thursday losses following a downgrade from JPMorgan to neutral from overweight. Silvergate’s poorer-than-expected deposits were cited by the firm, which called into question the company’s long-term viability. Following a 42% loss on Thursday, shares dropped 14% before the market.
Costco — Shares of the wholesale retailer dipped more than 1% in premarket even after the company reported solid sales number for December. Costco reported net sales at $23.8 billion in December 2022. This is an increase of 7% over the previous year.
Lululemon — The athletic wear maker added 1.8% following an upgrade to overweight from equal weight by Wells Fargo, which cited its momentum and attractive share price. Meanwhile, Ulta After being downgraded from equal weight to underweight, I lost 1.8%. Bath & Body Works After the firm made it equal from overweight, it lost 1.7%.
Sunrun, Sunnova, First Solar — Shares of the solar companies gained more than 1% each after being upgraded by Wells Fargo to overweight from equal weight. Analysts highlighted a favorable regulatory background in 2023 and long term tailwinds including ESG mandates and government de-carbonization goals.
Discover Financial, Synchrony Financial — The consumer finance stocks were under pressure after being downgraded by Barclays to equal weight from overweight. Mark Devries, a Barclays analyst, stated in a note that these stocks will likely fall if there is a recession. Synchrony lost 1.8% while Discover fell 1.5% in premarket trades.
— CNBC’s Yun Li, Tanaya Macheel, Jesse Pound and Michelle Fox contributed reporting