Premarket movers: Brazilian ADRs surge, Leslie’s plunges

Petrobras won 12 oil blocks in Brazil's Campos basin for $592 million. The auction expands its exploration and production footprint in the region.

Banco do Brasil shares fell 6.42% after JPMorgan downgraded it to sell, citing agricultural loan risks and weak returns. Bradesco shares rose 4.40% after an upgrade to buy, with JPMorgan citing lower credit costs and better margins. Both banks are impacted by Brazil's election and interest rate trends.

JPMorgan and Deutsche Bank upgraded Brazilian stocks to overweight after Flávio Bolsonaro led in Brazil's election. The Bovespa index rose 7.7% and the iShares MSCI Brazil ETF (EWZ) gained 12.5% on Monday. Analysts cite potential fiscal policy changes and a stronger real. EWZ is up 35% year-to-date. Banco Bradesco was also upgraded by JPMorgan.

Petrobras (PBR) shares rose 12% to nearly $25, the highest since 2012, after Brazil's election results and an oil discovery. Bolsonaro's strong showing and a find at the Morpho well drove the rally. Analysts upgraded PBR to 'Strong Buy' with a $24 target. The move was company-specific, not broader market-driven.

Harley-Davidson's shares rose following an upgrade by Citigroup. The stock is up 6.52% in 5 days and 28.31% year-to-date. The upgrade is based on various composite ratings, including valuation and EPS revisions.

The Nasdaq 100 hit a record high, while the iShares MSCI Brazil ETF (EWZ) surged 13.5% following Brazil's election results. The S&P 500 gained 0.5%, and the 10-year Treasury yield rose to 5.33%. Nu Holdings (NU) rose 13% amid the Brazil rally.