An iPhone is displayed at an Apple Store on May 4, 2023 in Miami, Florida.
Joe Raeder | Getty Images
Check out the companies making the biggest moves in pre-market trading:
apple — Shares of the iPhone maker fell about 1% premarket after Loop Capital downgraded Apple to hold from buy. Loop expects the company to miss its revenue guidance for the June quarter, the company said in a note Monday.
Yuan — Shares in the social media company fell more than 1% in pre-market trading 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 the U.S. The Data Protection Commission also told Meta to suspend “any future transfers of personal data” to the US Meta said it would appeal the decision and the fine.
Micron Technology — Shares of the U.S. chipmaker fell more than 4% after China’s Cyberspace Administration banned China’s “critical information infrastructure” operators from buying products from Micron. Other chip stocks also fell, with Advanced Micro Devices down 1.4 percent and Nvidia down nearly 1 percent.
west Pacific — Shares of closely watched regional banks rose 3.5 percent in premarket trading. The bank sold $2.6 billion worth of construction loans to subsidiaries of Kennedy-Wilson Holdings.
nike, locker — Shares of Nike and Foot Locker were down 1.5 percent and 2.4 percent, respectively, in premarket trading. The move comes after Foot Locker’s poor results last week sparked concerns about other athletic apparel retailers. Foot Locker missed its top and bottom lines in its fiscal first quarter and lowered its guidance.
draft king — Sports betting stocks were up about 3 percent premarket. UBS upgraded the stock to buy from neutral, saying expansion into new markets will drive growth.
norfolk south, CSX — Railroads rose 1.8 percent and 1.5 percent, respectively, in premarket trading. Norfolk Southern was upgraded to Buy from Neutral by Citi, while Wells Fargo upgraded the stock to Overweight from Equal. CSX was also upgraded to Buy by Citi.
Catalent — Shares of the pharmaceutical company fell 2.5% Monday morning. On Friday, JPMorgan downgraded Catalent to neutral from overweight, with the Wall Street firm citing ongoing productivity issues and macro headwinds as reasons. Shares surged 15.6% in the previous 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.
