The post-election sell-off for clean energy stocks NextEra Energy Partners has gone too far, according to Morgan Stanley.

Analyst Robert Kad upgraded the stock to overweight from underweight. Kad said in a note to clients that the company – which is involved in several types of renewable energy projects and a natural gas pipeline – will likely be spared from policy changes under the Trump administration.

“While the recent U.S. election has created uncertainty over federal clean energy policy, which will likely serve as an overhang until the IRA revisions are clearer, we see limited impact on renewable infrastructure and the dual modernization of NEP OW,” the statement said.

The stock has fallen about 15.5% since the election.

In addition to being a potential rebound trade, Kad said the company is conducting a strategic review that will be completed in the coming months.

“Due to uncertainty about NEP’s longer-term strategy and growth potential, we are hesitant to make more than a short-term decision for now, but going long on the announcement would allow participation in a positive outcome where growth and sponsorship support resumes “,” said Kad.

Shares of NextEra Energy Partners rose more than 3% in premarket trading.

–Jesse Pound

Check out the companies making headlines before the bell:

• Gap – The apparel retailer stock rose 4.7% after JPMorgan upgraded the shares to overweight. The company cited a strong start to the holiday shopping season and a multi-year growth outlook.
• Stellantis – Shares fell 9% after CEO Carlos Tavares resigned from his position at the automaker, effective immediately. The company cited “different views” between Tavares and the board as the reason for the departure.
• Tesla – Shares of the electric vehicle maker rose 2.2% after Tesla’s vice president of AI software tweeted Saturday evening that version 13 of Tesla’s Full Self-Driving driver assistance software had begun rolling out to some customers.

The full list can be found here.

—Pia Singh

Intel Shares rose 6% after the chipmaker announced that CEO Pat Gelsinger has retired.

The company named David Zinsner and Michelle Johnston Holthaus as interim co-CEOs.

—Samantha Subin

Data from Mastercard shows that U.S. retail sales (excluding automobiles) rose 3.4% on Black Friday compared to last year’s Black Friday.

Most Americans shopped online, with sales increasing 14.69% year over year. In-store sales rose 0.7%. Clothing, jewelry and electronics remained the top gifts.

Shoppers made the most of seasonal offers, Mastercard senior advisor Steve Sadove said in a statement.

“They’re being more strategic about their purchases … and prioritizing promotions that they believe have the most value – opening their wallets, but with more targeted distribution,” said Sadove, former Saks CEO.

–Michelle Fox

Tesla is not just an electric vehicle company and should not be viewed as such, said Stifel analyst Stephen Gengaro.

“TSLA is clearly not just an automaker, as evidenced by the fact that its current market capitalization exceeds the combined value of the ten largest global automakers,” Gengaro wrote in a Sunday note. “While we have confidence in TSLA’s automotive business, the significant value creation potential of its AI-based, fully autonomous driving capabilities and Cybercab (Robotaxi) underpins our positive outlook.”

The analyst reiterated his Buy rating on Tesla shares and increased his price target to $411 from $287, representing approximately 19% further upside potential. Tesla shares have gained almost 39% in 2024.

—Brian Evans

Stellantis Shares plunged 9% in premarket trading after the automaker announced Sunday that its CEO Carlos Tavares had resigned.

The departure, effective immediately, was the result of “differing views” between Tavares and the board, the company said on Sunday.

The Jeep maker has formed a new interim executive committee led by Chairman John Elkan as it searches for its new CEO. Stellantis said it expects to complete the search in the second half of 2025.

—Samantha Subin, Mike Wayland

Asia-Pacific markets traded mostly higher on Monday as the region kicked off a data-heavy week led by Australian markets.

Australia S&P/ASX 200 Trading rose 0.14% to end at a record closing high of 8,447.9.

However, the South Korean markets were the exceptions in the region Kospi slipped slightly to 2,454.48 and the small-cap Kosdaq fell 0.35% to a 23-month low of 675.84.

Japan’s benchmark Nikkei 225 rose 0.8% to close at 38,513.02, while the broad-based Topix was 1.27% higher at 2,714.72.

The Hang Seng index in Hong Kong gained 0.65% in the final hour of trading, while the CSI 300 in mainland China gained 0.79% to close at 3,947.63.

—Lim Hui Jie

European stocks opened lower on Monday Stoxx 600 Index down 0.1% in early deals.

France CAC 40 The index fell 0.77% as investors monitored continued political volatility in the country. Germany DAX in the UK fell by 0.15% FTSE 100 was flat.

– Jenni Reid

The market has had a successful week and month of trading, both of which ended with the closing bell on Friday. As a reminder, here is the performance of the three main indices:

• The Dow gained 1.4% for the week, extending its monthly gain to 7.5%.
• The S&P 500 gained 1.1% for the week and ended November with a gain of 5.7%.
• The Nasdaq Composite rose 1.1% for the week and ended the month up 6.2%.

Notably, both the Dow and S&P 500 posted their best monthly performance of 2024 in November.

—Alex Harring

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all nearly unchanged shortly after 6 p.m. ET on Sunday evening.

—Alex Harring