Home| Features| About| Customer Support| Request Demo| Our Analysts| Login
Gallery inside!
Markets

Stocks Making the Biggest Premarket Moves: Qualcomm, Tesla, Hostess and More

September 11, 2023
minute read

Check out the companies making headlines in premarket trading Monday.

Tenable Holdings: The provider of exposure management solutions experienced a 3% increase in its stock value following an upgrade from JPMorgan, which shifted its rating from neutral to overweight. The bank cited positive prospects for improved business fundamentals.

Alibaba: Shares of Alibaba declined by 1% as outgoing CEO Daniel Zhang unexpectedly stepped down from the company's cloud business. This decision followed an earlier announcement in June, where Zhang indicated his departure as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit.

Qualcomm: The semiconductor company witnessed a substantial premarket surge of 7.4% after announcing a long-term agreement with Apple to supply 5G modems for smartphones through 2026. This partnership is expected to bolster Qualcomm's handset business and mitigate the impact of potentially losing a key customer. Apple's shares also showed a 1% increase in premarket trading.

Kenvue: In early trading, Kenvue's shares increased by 3% following an upgrade by Deutsche Bank, which elevated its rating from hold to buy. Deutsche Bank noted that the recent decline in the Band-Aid maker's stock price has created an attractive entry point. Kenvue, a spinoff of Johnson & Johnson, has experienced a 15% decline since its public debut in May.

Oracle: The provider of database software saw its stock rise by 1.2% ahead of its quarterly earnings report, scheduled for postmarket release on Monday. Analysts surveyed by FactSet anticipate earnings per share of $1.15, within the company's guidance range of $1.12 to $1.16, and revenue of $12.47 billion. Oracle's stock has enjoyed a nearly 55% increase year-to-date, driven by enthusiasm surrounding generative AI.

Tesla: Tesla, the electric vehicle manufacturer, experienced a premarket surge of over 6% after receiving an upgrade to overweight from equal weight by Morgan Stanley. This upgrade was attributed to the growth potential of autonomous driving. Morgan Stanley highlighted software and services revenue as the primary driver of value for Tesla.

J. M. Smucker and Hostess: J.M. Smucker's stock saw a 10% decline in early trading after the company announced its acquisition of Twinkies maker Hostess Brands at a price of $34.25 per share in cash and stock. This acquisition values Hostess at approximately $5.6 billion, including debt. Conversely, shares of Hostess experienced a notable 17.3% increase in response to the news. The transaction is expected to be finalized by the end of January 2024.

Meta (formerly Facebook): Meta, the parent company of Facebook, witnessed a 1.5% increase in its stock price following a report by The Wall Street Journal. The report indicated that Meta is in the process of developing a new AI system, as capable as OpenAI's most advanced model, surpassing their recent release named Llama 2. Meta anticipates that this new AI model will be ready for deployment next year.

RTX (formerly Raytheon Technologies): RTX shares fell by 3% after the company disclosed a manufacturing flaw in one of its engines, which will result in a $3 billion reduction in pretax earnings. This issue necessitated expedited inspections.

Tags:
Author
Editorial Board
Contributor
Eric Ng
Contributor
John Liu
Contributor
Editorial Board
Contributor
Bryan Curtis
Contributor
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

Subscribe to our newsletter!

As a leading independent research provider, TradeAlgo keeps you connected from anywhere.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Explore
Related posts.