An AMC Theater on March 29, 2023 in New York City. AMC Entertainment shares rose as much as 13% after reports that Amazon was looking to buy the theater chain.
Leonardo Munoz | Corbis news | Getty Images
Check out the companies making headlines before the bell.
Delicious China – Shares rose over 3% premarket as the Chinese restaurant group announced new financial targets during an investor day and outlined plans to expand to 20,000 restaurants by 2026.
AMC Entertainment – Shares of the movie theater chain rose 5% in premarket trading after AMC said it had completed its stock offering 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 rose 4% premarket after Wolfe Research upgraded the stock to an outperform rating from Peer Perform. Wolfe cited three reasons for the upgrade: a recovery in consumer spending, the potential for margin improvement and a greater emphasis on Etsy’s core business.
Semtech – Semiconductor stocks rose 1% in early trading despite issuing fiscal third-quarter guidance late Wednesday that called for a loss of 9 cents to 22 cents per share on revenue of $190 million to $210 million. Analysts had estimated the company would earn 12 cents on revenue of $247.7 million in the period. In the second quarter, the company earned an adjusted 11 cents per share, beating analyst expectations of 2 cents per share, according to FactSet.
Penn Entertainment — Sports betting shares rose 3% in premarket trading following a short-term buying call from Deutsche Bank. The bank said there is reason to believe the stock will rise in the future.
First solar – The stock climbed about 2% after BMO Capital Markets upgraded the shares to Outperform from Market Performance, citing a recent selloff that created an attractive entry point for investors.
Exxon Mobil, Chevron – Exxon Mobil and Chevron each rose about 1% before the market opened as oil prices hit their peak this year and Brent crude topped $93 a barrel. Occidental Petroleum And Devon also saw gains early in the morning.
P.S – Shares of the printer and PC maker fell more than 3% in premarket trading after a regulatory filing showed that Warren Buffett’s Berkshire Hathaway sold part of his shares. The conglomerate sold around 5.5 million HP shares worth around $158 million. The Omaha-based giant first bought the tech hardware stock in April 2022, becoming its largest shareholder. Berkshire still owns over $3 billion worth of HP stock.
General Motors, ford — Automaker stocks rose slightly in premarket trading after United Auto Workers President Shawn Fain said Wednesday evening that a strike against the companies was “likely” before Thursday’s 11:59 p.m. deadline ET no contract agreement could be reached. Ford CEO Jim Farley hit back, saying the company had received “no real counteroffer” to its proposals.
— CNBC’s Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Pia Singh contributed reporting
https://www.cnbc.com/2023/09/14/stocks-making-the-biggest-moves-premarket-amc-etsy-first-solar-and-more.html AMC, Etsy, First Solar and more