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Stocks Making the Biggest Premarket Moves: AMC, Etsy, First Solar and More

September 14, 2023
minute read

Check out the companies making headlines before the bell.

Yum China:

Yum China experienced a notable premarket surge of over 3%. The Chinese restaurant conglomerate unveiled ambitious financial targets and a strategic plan to expand its restaurant network to 20,000 establishments by 2026, as announced during an investor day.

AMC Entertainment:

AMC Entertainment, the movie theater chain, witnessed a 5% upswing in premarket trading. This surge followed the successful completion of an equity offering, wherein the company sold 40 million shares at an average price of $8.14, raising approximately $325.5 million.


Shares of the e-commerce retailer demonstrated a 4% increase before market opening. This uptick was influenced by Wolfe Research's upgrade of the stock from a "peer perform" to an "outperform" rating. The upgrade was supported by three key factors: a rebound in consumer spending, potential margin improvements, and a strengthened focus on Etsy's core franchise.


Despite offering a fiscal third-quarter forecast projecting a loss ranging from 9 to 22 cents per share on revenue between $190 million and $210 million, Semtech's semiconductor stock observed a 1% increase in early trading. This forecast differed significantly from analysts' expectations, which anticipated earnings of 12 cents per share on revenue of $247.7 million for the same period. In the second quarter, the company outperformed forecasts by earning 11 cents per share, adjusted for adjustments.

Penn Entertainment:

The sports betting stock surged by 3% in premarket trading, prompted by a short-term buy recommendation from Deutsche Bank. The bank expressed optimism about potential upside for the stock.

First Solar:

First Solar experienced a 2% increase in its stock price after BMO Capital Markets upgraded its shares from "market perform" to "outperform." The upgrade was attributed to a recent market sell-off, which created an attractive entry point for investors.

Exxon Mobil and Chevron:

Both Exxon Mobil and Chevron noted a 1% increase in their stock prices ahead of the market's opening. This uptick coincided with a surge in oil prices, which reached their highest levels of the year, with Brent crude surpassing $93 a barrel. Occidental Petroleum and Devon also registered early morning gains.


Shares of the printer and PC manufacturer dipped by more than 3% in premarket trading following a regulatory filing that revealed Berkshire Hathaway, led by Warren Buffett, had sold a portion of its stake. Berkshire divested approximately 5.5 million HP shares, valued at around $158 million. This move followed Berkshire's acquisition of the tech hardware stock in April 2022, where it became the largest shareholder. Berkshire still retains over $3 billion worth of HP shares.

General Motors and Ford:

Shares of these automakers saw marginal gains in premarket trading. The market's attention was drawn to United Auto Workers President Shawn Fain's statement, suggesting that a strike against these companies is "likely" if a contract agreement is not reached before the 11:59 p.m. ET Thursday deadline. In response, Ford CEO Jim Farley noted that the company had received "no genuine counteroffer" to its proposals.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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