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Stocks Making the Biggest Premarket Moves: Google, Hashicorp, Nvidia and More

March 18, 2024
minute read

Prior to the market opening, several companies are grabbing attention:

Google:Alphabet Class A shares are up by 5.6%, driven by a Bloomberg report indicating potential discussions between Apple and Google regarding the integration of Google's Gemini artificial intelligence engine into forthcoming iPhones.

Super Micro Computer:The company's shares surged by 2.5%, as it is set to join the S&P 500 on Monday before the market opens. Super Micro Computer specializes in manufacturing servers tailored for artificial intelligence applications, a sector that has seen remarkable growth, with the stock soaring more than twentyfold over the past two years and experiencing a staggering 276% increase year-to-date.

Nvidia:Ahead of its eagerly anticipated GTC Conference, Nvidia's stock rose by 2.7%. Market watchers anticipate significant announcements regarding AI advancements. HSBC recently revised its price target for Nvidia to $1,050 from $880 per share, citing optimism regarding Nvidia's AI product roadmap, potentially positioning the company to dominate the entire value chain in the future.

HashiCorp:Shares of the San Francisco-based software provider surged by 9.8% following reports suggesting the company is exploring strategic options, including a possible sale. Sources familiar with the matter revealed these deliberations to Bloomberg.

Taiwan Semiconductor Manufacturing:U.S.-listed shares of Taiwan Semiconductor increased by 1.5% after reports from Reuters suggested the company is contemplating establishing advanced packaging facilities in Japan, as disclosed by individuals acquainted with the matter.

Tesla:Despite Goldman Sachs reducing its price target for Tesla by $30 to $190, citing challenges related to heightened competition and softer demand, Tesla's shares climbed by 3.2%. However, Goldman Sachs maintains a positive outlook on Tesla's long-term growth prospects, underscoring the company's strong foothold in both the electric vehicle and clean energy markets.

PepsiCo:Shares of the beverage giant saw a 1.2% increase after Morgan Stanley upgraded its rating on the stock from equal weight to overweight. Analysts at Morgan Stanley anticipate a rebound in PepsiCo's fundamentals during the latter half of the year.

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

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