Stocks making the biggest moves premarket: TSM, TSLA, CVNA
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Check out the companies making headlines before the bell: Tesla — The electric vehicle maker gained nearly 1% after Goldman Sachs increased its stock price target by $73 to $248 per share on better than expected second quarter deliveries. Tesla has booked 10-straight days of gains. Though Goldman increased its price target, the investment bank remains neutral on Tesla, with the new price target implying about 5% downside from Tuesday’s close of $262.33. Taiwan Semiconductor Manufacturing — Shares of the company, which makes semiconductor chips for AI giants including Nvidia and Apple, added 2%. Taiwan Semiconductor reported revenue from April-June this year of T$673.51 billion, as compared to the T$654.27 billion expected by analysts polled by LSEG, according to Reuters. 3M Company — Shares declined 1.2% after 3M announced its finance chief Monish Patolawala is leaving the company “to pursue another opportunity.” The change is effective July 31. Carvana — The car e-commerce platform jumped 4.5% on the heels of a Needham upgrade to buy from hold. Needham said the stock can become a “profitable secular growth story,” with rising retail unit sales and gross profit per unit. Walmart — Shares gained 0.3% after Jefferies said the stock remains a top pick , citing its progress in artificial intelligence. The analyst’s $77 price target implies a rise of 10.2% over the next 12 months. LegalZoom.com — The stock dropped more than 25% after the company cut its full-year revenue outlook and announced the departure of its CEO, Dan Wernikoff. LegalZoom now sees revenue coming in a range of $675 million to $685 million. The company had issued guidance of $700 million to $720 million. Spotify Technology — The audio streaming giant fell more than 1% on the back of a downgraded to neutral, noting that revenue forecasts for the company are “too ambitious.” — CNBC’s Lisa Han, Alex Harring and Spencer Kimball contributed reporting
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