MU, AAPL, INTC, AA & more
Check out the companies making headlines in premarket trading. Trump Media & Technology — Shares rose more than 1%, extending the 11% gain from Friday. The stock jumped by as much as 25% in the previous session after Republican nominee and majority owner Donald Trump said he’s “not selling” his stake at a press conference at his California golf club Friday afternoon. Following his comments, trading was halted twice during that session due to volatility. Upstart Holdings — The personal finance stock fell more than 4% after Upstart announced a $300 million debt offering . The company said it will sell convertible notes due in 2029, and that the money will go toward repurchasing some other bonds and for general corporate purposes, among other uses. Apple — The technology stock fell more than 2% following analyst reports that early shipping data may signal softer demand for iPhone 16 Pro models. Bausch + Lomb — The contact lens provider jumped 11.5% after the Financial Times reported the company was working on a possible sale. Bausch + Lomb is expected to catch the eye of private equity, per the FT. Alcoa — The aluminum company popped 1.4% after announcing the sale of its stake in the Ma’aden mining joint venture. Alcoa will relinquish its 25.1% ownership position for around $1.1 billion. Intel — The semiconductor stock rose 1.3% before on the bell. Bloomberg reported late on Friday that Intel will qualify for as much as $3.5 billion in grants to make chips for America’s military. Micron Technology — The semiconductor stock slid 2.8% after Morgan Stanley cut its price target by a whopping $40 to $100. Morgan Stanley’s new target implies less than 10% in upside from Friday’s closing level. ASE Technology — The semiconductor packager added 1.7% on the heels of a Morgan Stanley upgrade to overweight from equal weight. The firm said ASE is a defensive name that also has growth potential tied to artificial intelligence. Colgate-Palmolive — The consumer packaged goods maker shed 1.5% in the wake of Wells Fargo’s downgrade to underweight from equal weight. Wells Fargo said growth should normalize after what it called an “epic run.” Ally , Synchrony Financial — The financial stocks each lost about 1% following BTIG downgrades to neutral from buy. The firm also removed its designation for Ally as a top pick in the second half of the year. Sprouts Farmers Market — The organic-focused retailer advanced 1.2% on the back of Evercore ISI’s upgrade to outperform from in line. Evercore ISI said Sprouts should stand to gain from a broader healthy eating trend. Yelp — Shares dropped 1.7%. Bank of America initiated coverage of Yelp with an underperform rating, saying declining usage will continue to hurt the company’s growth outlook. The Wall Street firm’s $30 price objective implies a more than 12% slide from Friday’s close. Zillow — The real estate stock rose more than 2% after an upgrade to outperform from neutral from Wedbush. The investment firm said that falling mortgage rates combined with a growing software and services business could spur a rally for Zillow. — CNBC’s Jesse Pound, Sarah Min, Sean Conlon and Samantha Subin contributed reporting
- Finance
