Stocks with the largest price changes before the market opens: Micron, Sandisk, Newmont and others

Market Movements in Pre-Market Trading

Stocks in the memory chip sector took a hit after Google introduced a new AI model that they claim could lessen memory requirements for running extensive language models. Companies like SanDisk saw a drop of nearly 4%, while Micron Technology, Western Digital, and Seagate Technology experienced declines of around 2% each.

In the chipmaking realm, Qualcomm’s stock dipped close to 2%. Bernstein downgraded Qualcomm’s performance outlook from Outperform to a more cautious stance, highlighting challenges related to memory in the industry.

Mining stocks also faced a downturn, with prices for gold and silver dropping. First Majestic Silver noted a decrease of about 5%, while Cool Mining and Hecla Mining fell nearly 4%. Newmont and Freeport-McMoRan showed declines of roughly 3% each.

Shares of Adobe fell by 1.4%. This followed a downgrade from Prime Minister William Blair, who shifted the stock’s rating from outperform to market perform, leaving uncertainty about whether Adobe is benefitting from AI advancements.

On the brighter side, travel technology company NAVAN’s stocks surged by 18% after they projected strong earnings for 2027, expecting full-year revenue between $866 million and $874 million, exceeding the FactSet consensus of $840.8 million. Their fourth-quarter earnings per share and revenue also surpassed Wall Street predictions.

In contrast, MillerKnoll, a furniture company, saw its shares drop 17.5%. They reported third-quarter adjusted earnings of 43 cents per share on revenue of $926.6 million, marking a slight decrease in earnings but an increase in revenue year over year. The company also warned of a possible $8 million to $9 million impact in the fourth quarter, attributed to the Middle East conflict, which is expected to limit shipments and raise logistics costs.

Meanwhile, Snapchat’s shares fell by 1.3% following news that the European Union is investigating the app for inadequate measures against child grooming and illegal products.

Lastly, Worthington Steel’s stock plummeted nearly 13% in light trading after reporting adjusted earnings of 27 cents per share for the fiscal third quarter, down from 35 cents per share in the same period last year.