Investing.com - Stocks in focus in premarket trading on Wednesday:
• Tesla (NASDAQ:TSLA) stock rose 2.2% in premarket trade by 8:20 AM ET (12:20 GMT) after Bloomberg reported that the company is getting ready to increase production, citing internal emails.
• Levi Strauss (NYSE:LEVI) stock slumped 7.3% after the retailer reported a 17% drop in profit during the second quarter.
• ArcelorMittal (NYSE:MT) stock inched up 0.1%, on reports that the mining company expects to cut more than 2,000 jobs in South Africa due to looming losses in the first half of the year.
• Comcast (NASDAQ:CMCSA) stock gained 2% after Goldman Sachs (NYSE:GS) upgraded the company to “buy” from “hold,” citing double-digit growth in the next five years due to its cable, NBCUniversal and Sky businesses, CNBC reported.
• AT&T (NYSE:T) stock was also in focus after it revealed a new streaming service called HBO Max that will include CNN, Cartoon Network, and Warner Bros programs. It will also feature archive materials such as "Friends", which will consequently be pulled from rival Netflix (NASDAQ:NFLX).
• Deere (NYSE:DE) stock fell 1.4% after it was downgraded by UBS to “neutral” from “buy.”