Nvidia, Boeing, Micron and others
Check out the companies making headlines before the bell:
DiDi Global (DIDI), Alibaba (BABA), JD.com (JD), Pinduoduo (PDD) – China-based stocks listed in the U.S. are staging strong rallies in premarket trading, helped by state media reports that the Chinese government will take steps to support the markets and the economy, and that the U.S. and China are progressing toward an agreement on regulatory requirements for those companies. Didi surged 36.7% in the premarket, with Alibaba up 19.2%, JD.com rallying 21% and Pinduoduo soaring 32.5%.
Nvidia (NVDA) – The graphics chipmaker’s stock added 2.3% in the premarket after Wells Fargo added it to its “signature picks” list. The firm anticipates upbeat announcements from Nvidia at its upcoming investor day, and also said the recent market downdraft has helped create a favorable risk/reward profile.
Boeing (BA) – Boeing gained 2% in premarket trading after Baird declared the stock a “bullish fresh pick” following a recent sell-off and noted that 737 MAX deliveries to China are close to resuming.
Pfizer (PFE), BioNTech (BNTX) – Pfizer and partner BioNTech have asked the FDA to approve a second booster dose of their Covid-19 vaccine. A decision could come in time for an autumn vaccination campaign. BioNTech jumped 4.4% in premarket trading, while Pfizer rose 0.6%.
Micron Technology (MU) – Micron rallied 4.7% in the premarket following a Bernstein double upgrade to “outperform” from “underperform”. Bernstein said the Ukraine conflict won’t result in any significant memory chip supply or demand destruction, while also noting the recent sell-off in Micron and other semiconductor stocks.
Spotify (SPOT) – The streaming services company signed a stadium and shirt sponsorship deal with Spanish soccer team FC Barcelona, with the Spotify brand on uniform shirts for the next four seasons. Spotify rose 2.6% in premarket action.
NortonLifeLock (NLOK) – NortonLifeLock’s $8.6 billion deal to buy British cybersecurity rival Avast may get an in-depth probe by UK regulators, who say the deal raises competitive concerns. NortonLifeLock said it does not intend to submit any potential remedies for those concerns. Its stock slid 5.5% in the premarket.
Lands’ End (LE) – The apparel retailer missed estimates by 10 cents with quarterly earnings of 21 cents per share, while revenue also fell short of Street forecasts. Lands’ End also gave a weaker-than-expected forecast as it faces increasing costs and continued supply chain challenges. Lands’ End tumbled 9.5% in premarket trading.
Shoe Carnival (SCVL) – Shoe Carnival shares slid 3.3% in the premarket despite an upbeat quarterly report which saw it beat estimates on both the top and bottom lines. The shoe retailer issued a full-year revenue and profit forecast range that was largely – but not completely – above current Street forecasts. Shoe Carnival also announced a 29% dividend increase.