Stocks Making the Biggest Moves: Apple, Intel, Alcoa, Micron Technology and More

Several companies were in the spotlight during premarket trading, with notable movements in their stock prices.

‍

Trump Media & Technology shares climbed by over 1%, building on an 11% surge from the previous Friday. The stock experienced a sharp 25% jump during the prior session after former President Donald Trump, the majority owner and Republican nominee, announced at a press conference at his California golf course that he has no plans to sell his stake in the company. Following this statement, trading was halted twice due to significant volatility.

‍

Upstart Holdings saw its stock drop by more than 4% after the company revealed a $300 million debt offering. The personal finance firm plans to issue convertible notes set to mature in 2029. The proceeds from this offering are intended to be used for repurchasing some existing bonds and to support general corporate purposes, among other uses.

‍

Apple shares declined by over 2% after analysts released reports suggesting that early shipping data for the iPhone 16 Pro models might indicate weaker-than-expected demand.

‍

Bausch + Lomb witnessed an 11.5% increase in its stock price following a report by the Financial Times that the contact lens manufacturer is exploring a potential sale. According to the report, private equity firms are expected to show interest in the company.

‍

Alcoa shares rose 1.4% after the company announced the sale of its stake in the Ma’aden mining joint venture. Alcoa will give up its 25.1% ownership in the venture in a deal worth approximately $1.1 billion.

‍

Intel stock gained 1.3% in premarket trading. Bloomberg reported late Friday that the semiconductor giant is set to receive up to $3.5 billion in grants for manufacturing chips for the U.S. military, a move that would boost its role in national security and technological advancement.

‍

Micron Technology shares fell by 2.8% after Morgan Stanley drastically cut its price target for the stock by $40, setting it at $100. This new target suggests less than a 10% upside from the stock's closing price on Friday.

‍

ASE Technology, a company specializing in semiconductor packaging, saw its stock rise by 1.7%. This boost came after Morgan Stanley upgraded the stock to "overweight" from "equal weight." The firm highlighted ASE as a defensive play with growth potential driven by artificial intelligence developments.

‍

Colgate-Palmolive experienced a 1.5% decline after Wells Fargo downgraded the consumer goods company to "underweight" from "equal weight." Wells Fargo noted that the company's growth might normalize following what it termed an "epic run."

‍

Ally Financial and Synchrony Financial both saw their shares fall by around 1%. This drop followed downgrades by BTIG, which adjusted its ratings to "neutral" from "buy" for both financial stocks. Additionally, BTIG removed Ally Financial from its list of top picks for the second half of the year.

‍

Sprouts Farmers Market advanced by 1.2% after Evercore ISI upgraded the organic grocery retailer to "outperform" from "in line." Evercore ISI believes that Sprouts is well-positioned to benefit from a growing trend toward healthy eating, which could drive its future growth.

‍

Yelp shares fell by 1.7% after Bank of America initiated coverage of the company with an "underperform" rating. The bank expressed concerns that declining usage could continue to impact Yelp's growth prospects. Bank of America set a price target of $30 for Yelp, implying a potential decline of over 12% from the stock's closing price on Friday.

‍

Zillow shares rose by more than 2% after an upgrade from Wedbush, which moved the stock to "outperform" from "neutral." The investment firm cited falling mortgage rates and Zillow's expanding software and services business as factors that could fuel a rally for the real estate platform.

‍

In summary, premarket trading activity was marked by a mix of gains and losses across various sectors. Trump Media & Technology continued to experience heightened volatility following statements from its majority owner, while companies like Alcoa and Intel saw positive momentum due to strategic moves and government support, respectively. On the other hand, firms such as Upstart Holdings and Micron Technology faced challenges due to financial maneuvers and analyst downgrades.

‍

Additionally, companies like Bausch + Lomb and Sprouts Farmers Market attracted attention due to potential sales and market trends. Conversely, traditional consumer goods companies like Colgate-Palmolive and financial firms like Ally and Synchrony faced headwinds due to analyst concerns and sector outlooks. This variety of market reactions underscores the diverse factors influencing stock performance in today's complex economic environment.

‍