An AMC Theatre in New York City, March 29, 2023.
Leonardo Munoz | Corbis News | Getty Images
Check out the companies making headlines before the bell.
Yum China — Shares rose more than 3% during premarket hours as the Chinese restaurant conglomerate announced new financial targets and unveiled plans to expand to 20,000 restaurants by 2026 during an investor day.
AMC Entertainment — Shares of the movie theater chain jumped 5% in premarket trading after AMC said it had completed the equity offering it announced earlier this month. The company said it sold 40 million shares at an average price of $8.14, raising about $325.5 million.
Etsy — Shares of the e-commerce retailer added 4% before the bell after Wolfe Research upgraded the stock to an outperform rating from peer perform. Wolfe cited three reasons for the upgrade: a rebound in consumer spending, the potential for margin improvement, and an improved emphasis on Etsy’s primary franchise.
Semtech — The semiconductor stock rose 1% in early trading despite offering a fiscal third-quarter forecast late Wednesday that calls for a loss of 9 cents to 22 cents a share on revenue of $190 million to $210 million. Analysts had estimated it would earn 12 cents on revenue of $247.7 million during the period. In the second quarter, the company earned 11 cents a share, after adjustments, exceeding analysts’ expectations of 2 cents per share, according to FactSet.
Penn Entertainment — The sports betting stock climbed 3% in premarket trading following a short-term buy call from Deutsche Bank. The bank said there’s reason to believe the stock should see upside ahead.
First Solar — The stock climbed about 2% higher after BMO Capital Markets upgraded shares to outperform from market perform, citing a recent sell-off that has created an attractive entry point for investors.
Exxon Mobil, Chevron — Exxon Mobil and Chevron gained about 1% each before the market opened as oil prices reached their highest levels this year, with Brent crude topping $93 a barrel. Occidental Petroleum and Devon
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