Qualcomm CEO Cristiano Amon.
Carlo Allegri | Reuters
Discover the companies attracting attention in premarket trading on Monday.
Tenable Holdings
— The provider of exposure management solutions experienced a 3% increase before the market opened after JPMorgan upgraded its rating from neutral to overweight. The bank stated that the company’s future business fundamentals are expected to improve.
Alibaba
— The company’s shares declined by 1% after CEO Daniel Zhang unexpectedly resigned from its cloud business. In June, the company had announced Zhang’s departure from the positions of chairman and CEO of Alibaba Group to focus on the cloud intelligence unit.
Qualcomm
— The semiconductor stock surged by 7.4% premarket after announcing that it will supply Apple with 5G modems for smartphones until 2026. Analysts stated that this continued partnership with Apple will benefit Qualcomm’s handsets business and potentially mitigate the impact of losing a major customer. Apple’s shares were 1% higher premarket.
Kenvue
— Shares of Kenvue increased by 3% in early trading after Deutsche Bank upgraded its rating from hold to buy. The Wall Street firm described the recent decline in the Band-Aid maker’s stock as an attractive entry point. Since going public in May, Kenvue has experienced a 15% decline.
Oracle
— The database software provider gained 1.2% before its quarterly earnings release postmarket on Monday. According to analysts surveyed by FactSet, the estimated earnings per share range from $1.12 to $1.16, while the company’s guidance is $1.15. Additionally, the expected revenue is $12.47 billion. Oracle’s stock has increased by nearly 55% this year, boosted by excitement surrounding generative AI technology.
Tesla
– The electric vehicle stock rose by over 6% before the bell after Morgan Stanley upgraded its shares from equal weight to overweight, citing significant growth in autonomous driving. The Wall Street firm identified software and services revenue as the “biggest value driver” for Tesla.
J. M. Smucker
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Hostess
— J.M. Smucker’s stock dropped by 10% in early trading after the peanut butter and jelly maker announced its acquisition of Twinkies maker Hostess Brands for $34.25 per share in cash and stock. The deal values the cupcake maker at approximately $5.6 billion, including debt. Shares of Hostess saw a 17.3% increase. The acquisition is expected to be completed by the end of January 2024.
Meta
— The parent company of Facebook experienced a 1.5% increase after the Wall Street Journal reported that Meta is developing a new AI system which is as capable as OpenAI’s most advanced model and even more powerful than its previously released model called Llama 2. Meta aims to launch its new AI model next year, according to the report.
RTX
— Shares of the company formerly known as Raytheon Technologies fell by 3% after it disclosed an engine manufacturing flaw that would reduce its pretax earnings by $3 billion. To address the issue, the company has accelerated inspections.
— Additional reporting by CNBC’s Alex Harring, Hakyung Kim, Michelle Fox Theobald
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
