Morning Movers: Tesla higher following Q2 delivery figures

Stock futures are pointing toward the broader market opening on a slightly down note following yesterday’s modest pullback after strong Q2 gains. Tech stocks are under pressure following the recent run as investors are fixated on several catalysts, such as Tesla’s Q2 delivery report and the ADP and non-farm payrolls data. Despite the S&P 500 rallying 11% in Q2 and closing near all-time highs, sentiment remains surprisingly cautious.

In pre-market trading, S&P 500 futures fell 0.06%, Nasdaq futures fell 0.18% and Dow futures fell 0.1%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. Also, subscribe to the Fly By if you want to know how the markets will open, which stocks will be moving and why. 

HIGHER –

• Verint (VRNT) up 9% after Bloomberg reported PE firm Thoma Bravo is negotiating the terms of a potential deal to acquire Verint Systems
• Cava Group (CAVA) up 2% after KeyBanc initiated coverage of the stock with an Overweight rating and $100 price target
• Apple (AAPL) up 1% after Jefferies upgraded shares to Hold from Underperform with a price target of $188.32, up from $170.62
• Tesla (TSLA) up 5% after announcing second quarter deliveries

LOWER –

• Oscar Health (OSCR) down 12% after Barclays initiated coverage at Underweight
• Crocs (CROX) down 2% after Goldman Sachs initiated coverage of the stock with a Sell rating and $88 price target
• Organon (OGN) down 1% after that the Phase 2 ELENA proof-of-concept study evaluating the investigational candidate OG-6219 in endometriosis-related pain did not meet its primary efficacy endpoint
• Centene (CNC) down 31% after withdrawing guidance in response to Marketplace membership data from Wakely, finding overall market growth in the 22 states is lower than expected. Also down in sympathy: Molina Healthcare (MOH) 13%, Elevance Health (ELV) 5% and United Healthcare (UNH) down 2%