Stocks making the biggest moves premarket: GME, NVDA, INTC, KVUE
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Check out the companies making headlines before the bell. GameStop — GameStop shares rallied more than 37% in the premarket after “Roaring Kitty” posted for the first time in roughly three years . The post, a picture on X of a video gamer leaning forward on their chair as to indicate he’s taking the game seriously, marked Roaring Kitty’s first post on the platform — or on Reddit— since 2021. Arm Holdings — Shares popped 3.4% following a Nikkei report that the chip company is looking to launch its first artificial intelligence chips next year. Arm hopes to build the prototype by spring 2024, according to the report. Nvidia — Nvidia shares added about 1% after Jefferies hiked its price target on the chipmaker to $1,200 a share, implying about 34% upside. “We believe it’s too early to sift out winners and losers in the AI basket yet, but NVDA is our favorite,” analyst Blayne Curtis wrote. Intel — The chipmaker rose 1.1% after The Wall Street Journal reported Intel is in talks for an $11 billion deal with Apollo Global Management to build a factory in Ireland. Kenvue — Shares declined nearly 2% after Kenvue announced Johnson & Johnson will sell its 9.5% stake stake in the company. The consumer health company completed its spinoff from Johnson & Johnson in May 2023. Squarespace — Shares of the website platform company jumped more than 12% after announcing a $6.9 billion deal to go private. Squarespace said on Monday morning that it will be sold to private equity firm Permira at $44 per share, a 15.2% premium from Friday’s close. Penn Entertainment — The sports-betting stock dipped 2.3% after Bank of America downgraded shares to neutral from buy, saying it sees Penn as a “deep value turnaround” rather than a growth opportunity, which was its original view. The company’s balance sheet deterioration was also a point of concern for the stock, according to the firm. Airline stocks — Shares of United , Delta and American Airlines added 0.6% after HSBC initiated coverage with buy ratings. HSBC highlighted Delta as its preferred stock in the sector. Demand for international travel and a rebound in corporate travel will support the stocks, according to the firm. SolarEdge — Shares pulled back 0.9% after Susquehanna downgraded shares to neutral from positive. Following the solar company’s wider-than-expected first quarter losses and weak revenue guidance, Susquehanna said gross margins remain under pressure. Incyte — The biopharmaceutical company jumped more than 5% Monday after it approved a $2 billion share repurchase program. — CNBC’s Samantha Subin, Jesse Pound, Michelle Fox, Pia Singh and Fred Imbert contributed reporting.
