Tesla shares climbed nearly 5% following the unveiling of the highly anticipated second-generation Roadster. Featuring SpaceX-developed rocket thrusters capable of aerial maneuvers, Tesla has positioned the vehicle as the world’s first flying car, with production slated for 2028.
SpaceX also saw gains, rising over 1% on the back of the Roadster announcement. Additional momentum came from a price target hike by Evercore ISI and news that competitor Blue Origin intends to scale New Glenn launches to multiple flights per week by 2030.
Alcoa shares rose more than 2% after reporting third-quarter earnings that exceeded analyst expectations, driven largely by a recovery in the alumina segment.
In contrast, CoreWeave shares declined 4% premarket as a previous rally faded. The company remains under pressure as investors weigh the impact of rising interest rates on its significant debt load.
Netflix shares dropped nearly 1.5% following news of a leadership transition. Chief Content Officer Bela Bajaria is departing the company and will be succeeded by former Disney executive Peter Rice. This shuffle follows an announcement that Netflix will reduce its workforce by approximately 6%, resulting in about 1,000 job cuts.
Travelers shares fell 4% despite reporting third-quarter results that beat Wall Street estimates. The insurance provider posted core earnings of $9.18 per share on revenue of $12.48 billion, significantly outperforming LSEG analyst projections of $7.42 per share on $11.38 billion in revenue.
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