Apple phones on display at an Apple store on May 04, 2023 in Miami, Florida.
Joe Raedle | Getty Images
Check out the companies making the biggest strides in premarket trading:
Apple — Shares of the iPhone maker fell about 1% premarket after Loop Capital downgraded Apple stock to hold from buy. Loop predicts the company will miss its June quarterly revenue guidance, the firm said in a note on Monday.
Meta — The social media company saw it drop more than 1% in the premarket after news that the company was fined a record 1.2 billion euros ($1.3 billion) by European privacy regulators for transferring EU user data to US The Irish Data Protection Commission also told Meta to suspend “any future transfers of personal data” to US Meta said it would appeal the decision and the fine.
Micron Technology — Shares of the US chipmaker sank more than 4% after China’s Cyberspace Administration barred operators of “critical information infrastructure” in China from buying products from Micron. 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 rose 3.5% before the bell. The bank sold $2.6 billion worth of 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 lackluster results last week prompted concern among other sportswear retailers. Foot Locker missed the top and bottom lines in its first fiscal quarter, and lowered its guidance.
DraftKings — Shares of the sports betting stock rose about 3% before the bell. UBS upgraded the shares to a buy from a neutral rating, saying expansion into new markets should fuel growth.
Norfolk Southern, CSX — Railways shares added 1.8% and 1.5%, respectively, in premarket trading. Norfolk Southern was upgraded by Citi to buy from neutral, while Wells Fargo upgraded the stock to overweight from equal weight. CSX was also upgraded by Citi to buy.
Catalent — Shares of the pharmaceutical company were down 2.5% Monday morning. Catalent was downgraded by JPMorgan to neutral from overweight on Friday, with the Wall Street firm citing ongoing productivity issues and macro headwinds among its reasons. Shares rose 15.6% in the previous trading session after the company shared a business update.
— CNBC’s Tanaya Macheel, Yun Li, Alex Harring, Hakyung Kim, Samantha Subin and Sarah Min contributed reporting.