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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.

Etsy:

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.

Semtech:

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.

HP:

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.

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Eric Ng
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John Liu
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Bryan Curtis
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Adan Harris
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Cathy Hills
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