Before the bell, take a look at the businesses that are in the news.
1. GameStop: GameStop’s shares surged over 37% in premarket trading after “Roaring Kitty” made his first post in approximately three years. The post showed a picture of a video gamer intensely focused on their game.
2. Arm Holdings: The company’s shares rose by 3.4% following a report from Nikkei stating that it plans to launch its first artificial intelligence chips next year, with a prototype expected by spring 2024.
3. Nvidia: Nvidia saw a 1% increase in its shares after Jefferies raised its price target to $1,200, suggesting a 34% increase.
4. Intel: Intel’s stock went up 1.1% after it was reported that the company is in discussions with Apollo Global Management for an $11 billion deal to establish a factory in Ireland.
5. Kenvue: Kenvue’s shares dropped by nearly 2% as Johnson & Johnson announced it would sell its 9.5% stake in the company, following the completion of its spinoff.
6. Squarespace: The website platform company’s shares surged by over 12% after announcing a $6.9 billion deal to go private with Permira at $44 per share.
7. Penn Entertainment: The sports-betting company experienced a 2.3% decline after Bank of America downgraded its shares to neutral from buy, citing concerns about its balance sheet and growth prospects.
8. Airline Stocks: United, Delta, and American Airlines saw a 0.6% increase in their shares after HSBC initiated buy ratings, with Delta being the preferred stock due to potential growth opportunities.
9. SolarEdge: Shares of SolarEdge dropped by 0.9% after Susquehanna downgraded its rating to neutral due to wider-than-expected first-quarter losses and declining gross margins.
10. Incyte: The biopharmaceutical company saw a over 5% increase in its stock price after announcing a $2 billion share repurchase program.
Source (CNBC)
