Stocks seeing the biggest moves premarket: QCOM, TSLA, TWNK

Check out the companies making headlines in premarket trading on Monday.

Tenable Holdings – The exposure management solutions provider rose 3% premarket after JPMorgan upgraded it to overweight from neutral. The bank said the company is positioned to see better business fundamentals in the future.

Alibaba – Shares fell 1% after outgoing CEO Daniel Zhang unexpectedly exited his cloud business. In June, the company said Zhang was leaving his post as chairman and CEO of Alibaba Group to focus on its cloud intelligence unit.

Qualcomm – The semiconductor stock rose 7.4% premarket after announcing Monday that it will supply Apple with 5G modems for smartphones by 2026. Further sales to Apple will benefit Qualcomm’s mobile phone business and could soften the blow of a possible loss of a key customer, analysts said. Shares of Apple were 1% higher premarket.

Kenvue – Shares rose 3% in early trading after Deutsche Bank upgraded the stock to “buy” from “hold.” The Wall Street firm said the paving maker’s decline created an attractive entry point. The J&J spinoff has lost 15% since going public in May.

oracle – The database software provider rose 1.2%, beating quarterly results due Monday after the market launch. Analysts polled by FactSet estimated earnings per share of $1.15, versus the company’s forecast of $1.12 to $1.16, and revenue of $12.47 billion. The stock has gained nearly 55% so far this year, fueled by enthusiasm for generative AI.

Tesla – Electric vehicle shares rose more than 6% before the bell after Morgan Stanley upgraded the shares to overweight from equal weight, citing growth in autonomous driving. The Wall Street firm called software and services revenue the “biggest value driver” for Tesla.

JM Smucker, hostess – JM Smucker fell 10% in early trading after the peanut butter and jelly maker fell 10% agreed to buy Twinkies maker Hostess Brands for $34.25 per share in cash and stock, which values ​​the cupcake maker at around $5.6 billion including debt. Shares of Hostess rose 17.3%. The deal is expected to close by the end of January 2024.

Meta – The Facebook parent rose 1.5% according to the Wall Street Journal said that Meta is developing a new AI system As powerful as OpenAI’s most advanced model and more powerful than the model called Llama 2 released two months ago. Meta hopes its new AI model will be ready next year, the report said.

RTX – Shares of the company formerly known as Raytheon Technologies fell 3% after news that an engine manufacturing error would lead to a $3 billion drop in pretax profit. The problem forced it to speed up the inspections.

— CNBC’s Alex Harring, Hakyung Kim, Michelle Fox Theobald, Samantha Subin, Sarah Min and Kif Leswing contributed coverage.