Stock futures traded higher Tuesday as fears over rising inflation and its impact on the recovering U.S. economy eased.
Here are some of the top movers during premarket trading Tuesday.
1. Lordstown Motors RIDE | Down 14.17%
Shares of Lordstown Motors (RIDE) - Get LORDSTOWN MOTORS CORP. Report fell sharply after the electric vehicle company said it would cut its 2021 production of its Endurance truck by 50% from prior expectations and it needs additional capital to execute its plans.
"We secured a number of critical parts and equipment in advance, so we are still in a position to ramp the Endurance, but we do need additional capital to execute on our plans," said Chairman and CEO Steve Burns in a statement. "We believe we have several opportunities to raise capital in various forms and have begun those discussions."
2. Shake Shack SHAK | Up 6.16%
Shake Shack (SHAK) - Get Shake Shack, Inc. Class A Report traded higher in premarket trading after Goldman Sachs analyst Jared Garber upgraded the stock to buy from neutral and raised the price target to $109 from $107.
Wedbush analyst Nick Setyan also upgraded the chain to outperform from neutral and raised his price target to $118 from $114.
3. Nvidia NVDA | Up 1.24%
4. United Airlines UAL | Up 2.87%
Shares of United Airlines (UAL) - Get United Airlines Holdings, Inc. Report rose in premarket trading after the airline carrier said that ticket yields for the current quarter are returning to 2019 levels, but overall capacity is still expected to be down nearly 50% from pre-pandemic tallies.
5. AutoZone AZO | Down 0.03%
Shares of AutoZone (AZO) - Get AutoZone, Inc. Report wavered after the car parts supplier said its profit and sales rose for the fiscal third quarter, driven by both the commercial and do-it-yourself businesses.