Company Updates Before the Market Opens
Iren, a data center company, saw its stock surge by 22% after announcing a significant deal with Microsoft. This agreement allows software and cloud computing providers access to Nvidia GB300 GPUs, valued at $9.7 billion over the next five years. This nearly $10 billion arrangement not only boosted Iren but also sparked optimism about semiconductor demand, with Nvidia shares rising nearly 2% following the news of Microsoft receiving U.S. approval to send Nvidia chips to the UAE. Micron Technology and Advanced Micro Devices experienced gains of about 4% and 1%, respectively.
ON Semiconductor’s stock climbed over 3% after reporting third-quarter earnings that surpassed analyst predictions. The company posted adjusted earnings per share of $1.55 billion on revenue of the same amount, which was better than the anticipated 59 cents per share and $1.52 billion in revenue.
Kenvue, the maker of Tylenol and Band-Aid, rose 20% after revealing its agreement to be purchased by Kimberly-Clark for $48.7 billion in cash and stock. This deal is expected to finalize in the latter half of 2026.
Cipher Mining, a developer focused on Bitcoin mining and artificial intelligence, also reported encouraging third-quarter results, with shares climbing 17%. Cipher’s loss was just 1 cent, outperforming the 4-cent loss that analysts had predicted. However, its revenue of $71.7 million fell short of the $77.8 million consensus estimate.
New Gold’s shares went up by 9% following Coeur Mining’s agreement to acquire it in an all-stock transaction at a 16% premium over New Gold’s closing price last Friday.
Idexx Laboratories, which provides veterinary services, saw an increase of 7% after its third-quarter sales hit $1.11 billion, outpacing the anticipated $1.07 billion. The company also updated its full-year earnings and revenue forecasts.
FreshPet, the pet food manufacturer, reported third-quarter adjusted earnings of $54.6 million, exceeding the $53 million that analysts were expecting. Revenue reached $288.8 million, also surpassing the consensus of $283.7 million.
Conversely, Beyond Meat’s stock fell 8% after the company announced a delay in reporting earnings due to efforts in calculating non-cash impairment charges. Meanwhile, Palantir’s shares rose approximately 3% as they await the release of their third-quarter results later on Monday.
Cisco Systems experienced a slight increase of over 1% after UBS upgraded the stock from neutral to buy, citing a strong growth cycle driven by demand for AI infrastructure, significant campus refresh cycles, and positive momentum in security.
Eaton Corp. saw industrial stocks decline by more than 1% after agreeing to acquire Boyd Thermal Corp. for $9.5 billion, a deal expected to conclude in the second quarter of 2026.
