A DoorDash Inc. delivery bag sits on the floor at Chef Geoff’s restaurant in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images
Discover the buzzworthy companies in premarket trading.
PayPal – The payment giant’s shares experienced a premarket decline of over 1% following a downgrade by MoffettNathanson from outperform to market perform. This downgrade occurred just days before the scheduled appointment of PayPal’s new CEO, Alex Chriss. MoffettNathanson acknowledges their excitement over the new leadership but expects Chriss to face challenges due to a difficult past 18 to 24 months. The firm also predicts potential further downside to its estimates.
DoorDash — Following an upgrade by Mizuho Securities from neutral to buy on Sunday, DoorDash saw a 2% increase in shares. The Wall Street firm believes that the company’s strong market share and consumer spending on food will contribute to surpassing forecasts in the second half.
Micron Technology — Deutsche Bank upgraded the memory and storage solutions company to buy from hold on Sunday, resulting in a premarket gain of about 1.6% for Micron Technology. The bank also raised its target price, stating that Micron’s pricing power with semiconductor direct random access memory has reached a turning point and could lead to surpassing first-quarter expectations.
Arm Holdings — As the newly public Arm struggles to find its place in the market, its shares experienced a 3.7% decline in premarket trading. Bernstein, in its coverage initiation, gave Arm an underperform rating, citing it as too early to determine if the company will be successful in the field of artificial intelligence.
— CNBC’s Tanaya Macheel, Jesse Pound, and Michelle Fox Theobald contributed to this report.
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