Tesla, Uber, Plug Power Fall Premarket; Crowdstrike Rises

Stocks in focus in premarket trade on Wednesday, March 17th. Please refresh for updates.

Tesla (NASDAQ:TSLA) stock fell 3.2% amid growing worries about rising competition, higher interest rates and its valuation. Volkswagen (DE:VOWG_p) said Tuesday it expects to make 1 million electric vehicles this year, while Honda has launched a sedan with level-3 autonomous driving capability in Japan, suggesting that the first-mover advantage of Elon Musk’s company is narrowing.

Uber (NYSE:UBER) stock fell 2.8% after the ride-hailing firm said that more than 70,000 British drivers will be paid the minimum wage while picking up and driving passengers after the company lost a groundbreaking Supreme Court case last month.

Plug Power (NASDAQ:PLUG) stock fell 15% after the alternative energy company said it would restate previously issued financial statements due to accounting errors.

Crowdstrike (NASDAQ:CRWD) stock rose 2.3% after the cyber security company posted better-than-expected results for the fourth quarter, benefiting from recent high-profile hacks.

Coherent (NASDAQ:COHR) stock rose 2.1% after optical fiber firm Lumentum (NASDAQ:LITE), down 2.4%, raised its offer for the company to $6.9 billion following a three-way takeover battle for the laser firm.

Eastman Kodak (NYSE:KODK) stock fell 6.7% after the photography company – which was the subject of a massive speculative spike last year – reported a net loss of $541 million for 2020, on revenue of $1.24 billion.

Coupa Software (NASDAQ:COUP) stock fell 1.1% after warning of a difficult macroeconomic environment, even as it posted an unexpected profit in the fourth quarter.

Lands’ End (NASDAQ:LE) stock climbed 6.5% after the retailer reported better than expected results, and forecast a smaller-than-expected loss for the current quarter.

Baidu (NASDAQ:BIDU) stock fell 2.4% after Reuters reported the Chinese internet search company is set to raise $3.08 billion in a Hong Kong secondary listing, at a discount of some 2.7% to the ADRs’ closing price on Tuesday.

Catalent (NYSE:CTLT) stock rose 0.4% after the Wall Street Journal reported that it plans to expand its Covid-19 vaccine production in Europe by starting a new production line at an Italian plant. This will enable it to make more doses of Johnson & Johnson (NYSE:JNJ)’s shot.