Check out the companies making headlines before the bell. Constellation Energy — The energy stock added 2% following an upgrade to buy from neutral at Bank of America. Analyst Ross Fowler said that the company was in the best position to benefit from upcoming regulatory clarity coupled with increasing demand and tightening supply. This potential is not currently baked into the company's price, making shares undervalued, he added.
Each of the stocks moved up around 1% in premarket trading. The analyst anticipates accelerating trends in restaurant traffic and more impulse purchasing next year, which he believes should benefit the beverage and snacks industry. Adobe — The software giant tumbled 11% after issuing weaker-than-expected revenue guidance for its fiscal first quarter. Adobe anticipates revenues between $5.63 billion and $5.68 billion, versus the LSEG consensus estimate of $5.73 billion.
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