AAPL, META, MU, PACW and more
Apple phones are on display at an Apple Store on May 4, 2023 in Miami, Florida.
Joe Raedle | Getty Images
Check out the companies making the biggest gains in premarket trading:
Apple – Shares of the iPhone maker fell about 1% premarket after Loop Capital downgraded Apple stock to hold from a buy. Loop predicts the company will miss its June quarterly sales guidance, the company said in a statement Monday.
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Meta – Shares of the social media company fell more than 1% premarket after it was announced that the company had been fined a record €1.2 billion (1.3 March) by European data protection authorities for transferring EU user data to the US billion US dollars) was proven. The Irish Data Protection Commission also asked Meta to suspend “any future transfer of personal data” to the US. Meta said she will appeal the decision and the fine.
Micron technology – Shares of the US chipmaker fell more than 4% after China’s Cyberspace Administration banned operators of “critical information infrastructure” in China from buying Micron products. Other chip stocks also fell, with Advanced Micro Devices down 1.4% and Nvidia down nearly 1%.
PacWest — Shares of the closely-watched regional bank were up 3.5% before the bell. The bank sold $2.6 billion in construction loans to a subsidiary of Kennedy-Wilson Holdings.
Nike, Foot Locker – Shares of Nike and Foot Locker fell 1.5% and 2.4%, respectively, in premarket trading. The move comes after Foot Locker’s weak results last week sparked concern from other sportswear retailers. Foot Locker missed both sales and earnings in the fiscal first quarter and lowered its guidance.
DraftKings — Shares of the sports betting stock were up about 3% before the IPO. UBS upgraded the stock to buy from neutral and said expansion into new markets should spur growth.
Norfolk South, CSX — Shares of the railroads gained 1.8% and 1.5% respectively in premarket trading. Norfolk Southern has been upgraded by Citi to ‘buy’ from ‘neutral’, while Wells Fargo has upgraded the stock to ‘overweight’ from ‘equal weight’. CSX has also been upgraded to buy by Citi.
catalent — Shares of the pharmaceutical company fell 2.5% on Monday morning. Catalent was downgraded to neutral from overweight by JPMorgan on Friday, with the Wall Street company citing recent productivity concerns and macroeconomic headwinds. Shares rose 15.6% during the last trading session after the company released a business update.
— CNBC’s Tanaya Macheel, Yun Li, Alex Harring, Hakyung Kim, Samantha Subin and Sarah Min contributed coverage.
https://www.cnbc.com/2023/05/22/stocks-making-the-biggest-premarket-moves-aapl-meta-mu-pacw-and-more.html AAPL, META, MU, PACW and more