Pre-Market Trading: Biggest Movers Include WWE, Bed Bath & Beyond, Tesla, Costco and More

World Wrestling Entertainment's shares shot up 9.7% after Vince McMahon announced that he was appointing himself executive chairman of the company. This move comes despite McMahon's retirement last year amid sexual misconduct allegations.

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Bed Bath & Beyond is in trouble. The retailer's stock dropped 12.4% on Friday, building on the sharp losses seen the day before. Management said the company is low on cash and considering bankruptcy. KeyBanc dropped its price target for the stock from $2 to 10 cents, citing the concern of bankruptcy and weak fundamentals.
Tesla's shares fell by 6.4% after the company lowered the prices of its Model 3 and Model Y vehicles in China. This move is likely to boost Tesla's sales in the Chinese market, but it may also put pressure on its margins.

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Silvergate Capital's share price took another hit on Friday, following a downgrade from JPMorgan. The investment bank cited Silvergate's worse-than-expected deposit outflows and called into question the company's long-term profitability. Shares dropped 14% premarket, after posting a 42% loss the day before.
Costco's shares dipped more than 1% in premarket trading even after the company reported solid sales numbers for December. Costco reported net sales of $23.8 billion in December 2022, an increase of 7% year over year.

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Lululemon shares rose 1.8% after Wells Fargo upgraded the stock to "overweight" from "equal weight." The analyst cited the company's momentum and attractive share price. Meanwhile, Ulta shares fell 1.8% after the firm was downgraded to "underweight" from "equal weight." Bath & Body Works shares shed 1.7% after the firm moved it to "equal weight" from "overweight."

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Sunrun, Sunnova, and First Solar shares all rose more than 1% after being upgraded by Wells Fargo to "overweight" from "equal weight." The analysts cited an improved regulatory backdrop in 2023 and long-term tailwinds, including ESG mandates and government and corporate de-carbonization goals.

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Discover Financial and Synchrony Financial were downgraded by Barclays to equal weight from overweight, putting pressure on the consumer finance stocks. Barclays analyst Mark Devries said in a note that these stocks are likely to fall if the economy enters a recession. Discover dipped 1.5% in premarket trading, while Synchrony lost 1.8%.