Stocks making biggest moves premarket: Target, Tesla, General Motors

Shopping carts outside a Target store in the Queens borough of New York, May 13, 2023.

Bing Guan | Bloomberg | Getty Images

Check out the companies making headlines in premarket trading.

Tesla, General Motors — Both car maker stocks were climbing in premarket trading, with gains of 5.7% and 5%, respectively. General Motors announced Thursday plans to utilize Tesla’s electric vehicle charging network and said its vehicles will also utilize Tesla’s North American Charging Standard port in its cars starting in 2025.

Corning — Shares of the glass materials maker added 3.2% after an upgrade from Morgan Stanley, which labeled the company’s business as “derisked.”

DocuSign — The e-signature provider’s stock rose about 5% premarket after the company reported earnings and revenue that beat analysts’ estimates for the fiscal quarter ending April 30, issued upbeat guidance and announced a handful of new service offerings and C-suite hires.

Adobe — Shares of the software company gained more than 3% after Wells Fargo upgraded the stock Friday to overweight, according to StreetAccount.

Target — The retail giant slipped 1.3% after Citi downgraded the stock over concerns sales may have peaked.

Nio — Shares of the electric vehicle company dipped 2% in premarket trading after it reported vehicle sales decreased 0.2% year over year. The company’s vehicle margin and net loss also worsened year over year.

Sonoma Pharmaceuticals — The company’s stock soared nearly 33% after announcing Thursday a new application for its intraoperative pulse lavage irrigation treatment that could replace IV bags in some surgical procedures. Sonoma said the treatment will be available in Europe this year and in the U.S. commercially in 2024.

— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting.

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