Check out the companies making headlines in pre-market trading. Li Auto, Tesla – The shares of these two electric vehicle manufacturers fell by more than 7% and 3% respectively after announcing price cuts. According to Reuters, Tesla also lowered the list price of Model 3 in China while prices fell in other markets. Li has lowered the price tags of many models, including the newly launched MEGA SUV. U.S. shares of Chinese electric car makers Nio and Xpeng fell more than 2% simultaneously. Verizon — Shares of the telecommunications giant rose 1.5% after earnings per share beat estimates. Verizon’s first-quarter earnings, excluding items, were $1.15 per share, 3 cents above the consensus forecast of analysts polled by FactSet. However, the New York-based company reported revenue of $33 billion, slightly below Wall Street forecasts of $33.32 billion. Verizon also reiterated its full-year guidance on a number of measures. Riot Platforms — Shares of the Bitcoin miner rose 5.9% after JPMorgan reiterated its overweight rating. JPMorgan Chase said it was satisfied with Riot’s position as a Bitcoin leader following the company’s analyst day. The call also comes after the cryptocurrency’s fourth “halving” event on Friday. Crypto Stocks – In addition to Riot, several other Bitcoin-related stocks are also following the halving trend. Coinbase rose 2.2%, while Marathon Digital and Microstrategy both gained more than 4%. Alcoa — Shares of the aluminum company rose 1.2% after Morgan Stanley upgraded the stock to equal weight from underweight. Morgan Stanley noted that the inflation-reducing bill brings better risk returns, improved profitability and more potential benefits. Block — Shares of Bank of America rose 0.7% after Bank of America reiterated a buy rating on the financial services stock. The bank believes that after retracing 9% so far this year, Block’s current valuation is attractive and may see “significant multiple expansion” in the future. Euronet Worldwide — Fintech stocks rose 1.7% after Citi upgraded its rating to buy from neutral. Although the share price has retreated in the past month or so, the company is confident that Euronet can meet or exceed the high end of its earnings forecast. Hut 8 — Shares of Hut 8 rose 2.6% after Benchmark initiated a buy rating on the data center operator, citing its diversified business model and its large Bitcoin holdings. The company’s $12 price target implies about 50% upside from Friday’s closing price. —CNBC’s Lisa Kailai Han, Hakyung Kim and Sarah Min contributed reporting
