Stocks making the biggest moves premarket: Amgen, Sunnova, Arvinas and more
Check out the companies making headlines before the bell. Sunnova — Shares of the residential and commercial solar company jumped 5.1% after Piper Sandler upgraded the solar name to overweight from neutral, saying Sunnova could benefit from the Federal Reserve's "pivot" towards rate cuts. The renewable energy sector is highly sensitive to rates. Sunrun — Shares added 4% after being upgraded by Piper Sandler to overweight from neutral. The firm cited the anticipated three rate cuts by the Fed next year as catalysts, since the renewable energy sector is highly sensitive to rates. Rhythm Pharmaceuticals — The biotech firm gained nearly 4% after Morgan Stanley upgraded the stock to overweight from equal weight. The company said that it has greater confidence in the company's treatments and raised its terminal growth rate as a result. Amgen — The stock added 1.4% after BMO Capital Markets upgraded the biopharma firm to an outperform rating. Analyst Evan Seigerman is optimistic on the company's budding obesity treatment pipeline and revenue replacement potential. Rockwell Automation — Shares of the industrial automation company rose less than 1% after Wells Fargo upgraded them to overweight from equal weight. The investment firm said that early signs of a turnaround in manufacturing should give Rockwell's stock more upside. Arvinas — The pharmaceutical company added more than 5% following an upgrade to overweight from Wells Fargo. "After a fairly quiet 2023 and with some less than ideal updates on execution, we are now within 12 months of a material potential catalyst for the company's lead asset vepdegestrant," wrote analyst Derek Archila. Plug Power — The green energy stock dropped 3.8% on the back of a Piper Sandler downgrade to underweight from neutral. Piper Sandler said the downgrade was tied to concerns over the company's liquidity. Nikola — The electric vehicle company added more than 3% a day after founder Trevor Milton was sentenced to four years in prison for wire and securities fraud. The stock fell more than 9% on Monday. Accenture — Shares slipped 0.5% after Accenture issued weaker-than-expected second-quarter revenue guidance. The information technology company forecasts revenue of $15.4 billion to $16 billion, lower than the FactSet consensus estimate of $16.25 billion. Otherwise, Accenture's first-quarter earnings and revenue topped expectations. — CNBC's Michelle Fox, Alexander Harring, Sarah Min, Jesse Pound and Pia Singh contributed reporting.