Market Movements Ahead of Opening
Here’s a glance at some companies experiencing notable pre-market changes:
Qualcomm: The chip manufacturer saw shares jump over 12% after analyst Ming-Chi Kuo noted on X that OpenAI is partnering with Qualcomm to create smartphone processors.
Apple: The iPhone maker’s stock declined by 1.5% amid reports about a potential new competitor entering the market.
Domino’s Pizza: The pizza chain’s shares dropped 4% after it revealed that its U.S. sales forecast didn’t meet expectations. They predict a mere 0.9% increase in same-store sales, falling short of the 2.3% growth analysts anticipated, according to Street Accounts.
Adobe: Shares fell more than 1% after Mizuho downgraded the stock from outperform to neutral. Analysts expressed concerns that the rise in competition for Adobe’s products, along with potential strategic acquisitions, could squeeze future profits.
Organon: The healthcare firm surged nearly 17% following the announcement that it will be acquired by Indian drugmaker Sun Pharmaceutical Industries. Organon, which was spun off from Merck in 2021, stated that this deal creates significant immediate value for its shareholders.
Intel: Shares continued their upward trend, gaining about 2.5% on Monday after already soaring 23% post a profit increase on Friday.
CrowdStrike: The company saw a 2% rise after Mizuho upgraded its rating from neutral to outperform. The bank noted that demand for CrowdStrike’s platform remains robust and highlighted that Anthropic’s Project Glasswing could enhance the company’s standing.
Campbell’s: This food and beverage company experienced a 2% decline after Bernstein downgraded the stock from outperform to market perform. Analysts pointed out that its main soup products are underachieving while the snack segment is lagging behind its competitors.
Seagate Technology and Western Digital: Shares of both memory companies increased by over 2% after Bank of America raised their price targets. Analysts indicated that new long-term contracts and limited competition in the hard-disk drive sector are bolstering growth for these firms.
