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Tesla, Coinbase, Amazon and Silvergate Fall Premarket

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By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Monday, June 13th. Please refresh for updates.

Tesla (NASDAQ:TSLA) stock fell 4.3%, weighed by the weaker overall tone despite RBC upgrading its investment stance on the electric car manufacturer to ‘outperform’ from ‘sector perform’, saying it can fend off the competition for years to come.

Silvergate Capital (NYSE:SI) stock fell over 15%, with the lender which concentrates on the digital currency industry weighed by the weakness in the cryptocurrencies. However, Wells Fargo initiated coverage with an “overweight” rating, saying the bank should benefit from institutional growth in the crypto space.

Coinbase (NASDAQ:COIN) stock fell 17% with the cryptocurrency exchange platform weighed by the sharp pullback in the price of bitcoin and other cryptocurrencies.

MicroStrategy (NASDAQ:MSTR) stock slumped 24% after the business software stock, which has bet heavily on bitcoin, followed the price of the digital currency lower.

Smith & Wesson Brands (NASDAQ:SWBI) stock fell 1.8% after U.S. senators agreed to the outlines of a deal on stricter background checks for buyers of some firearms at the weekend.

Amazon (NASDAQ:AMZN) stock fell 4.4% after Reuters reported that the world’s largest online retailer has offered to limit its use of seller data and boost the visibility of rival products on its platform to appease EU antitrust regulators.

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