Check out the companies making headlines in premarket trading. Li Auto , Tesla — The electric vehicle makers tumbled more then 7% and 3%, respectively, following announcements of price cuts. Tesla chopped down the sticker price of its Model 3 in China, on top of decreases in other markets Reuters reported . Li lowered price tags on many models, including its newly launched MEGA SUV. U.S. shares of Chinese electric vehicle makers Nio and Xpeng slipped more than 2% in tandem.
Crypto stocks — Beyond Riot, several other bitcoin-related names moved on the heels of the halving. Coinbase rose 2.2%, while Marathon Digital and Microstrategy each climbed over 4%. Alcoa — The aluminum company added 1.2% after Morgan Stanley upgraded shares to equal weight from underweight. Morgan Stanley cited a better risk-reward backdrop, improving profitability and more potential benefits from the Inflation Reduction Act. Block — Shares added 0.
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