Medical Properties Trust shares surged 13.1% in pre-market trading after selling its majority interest in Utah Hospitals, while other stocks such as Allarity Therapeutics, Longeveron Inc., SuperCom Ltd., HUB Cyber Security Ltd., and Piedmont Lithium Inc. also experienced significant movements. On the downside, stocks like AudioEye, NextPlat Corp, Organovo Holdings Inc, TRACON Pharmaceuticals Inc, and IM Cannabis Corp saw declines in pre-market trading. LendingClub Corporation is expected to report earnings for the first quarter of 2024 after the closing bell on Tuesday.
Shares of AMD and Dell are surging in pre-market trading as the AI rally continues, with AMD reaching a $300 billion market valuation and Dell receiving new orders for one of its chips. The surge is attributed to the tie-in with AI, as AMD's new chip, the MI300X, is set to start shipping this quarter and is expected to boost the company's data center segment. Despite concerns about lagging behind Nvidia in AI technology, AMD is gaining momentum and investor attention.
Rivian's stock rebounded in premarket trading after a significant drop last week following the company's quarterly report, which led to downgrades from JPMorgan, UBS, and Truist Securities. The rebound may be due to the sell-off being overdone, with Tesla investor Gary Black defending the company and predicting its potential as a strong competitor to Tesla by 2030. Rivian is set to launch its second-gen R2 low-priced EV soon, and for a reversal, the stock needs to fill the gap formed after the quarterly results and surpass a key resistance around the $15 area. In premarket trading, Rivian rose 1.09% to $10.18.
Crypto stocks, including COIN, MSTR, CLSK, RIOT, and MARA, rallied in pre-market trading as Bitcoin surged past $46,000 for the first time in nearly a month. Mining firm CleanSpark led the way with a nearly 20% increase, attributed to positive Q3 2023 results. Other cryptocurrency-related publicly traded companies also showed healthy gains, with Bitcoin's rally boosting its advance for the week to almost 10%.
U.S. crypto-centric companies, including Coinbase, MicroStrategy, Robinhood, Marathon Digital, and Riot Blockchain, saw their stock prices rise in pre-market trading as bitcoin surged above $36,000 for the first time in 18 months. The gains may also be driven by optimism surrounding the potential approval of a spot bitcoin exchange-traded fund (ETF) in the U.S., as the Securities and Exchange Commission (SEC) reportedly engages in talks with Grayscale Investments about converting its bitcoin trust product into an ETF.
Several companies made headlines in premarket trading. Coherus BioSciences, Zynex, and Universal Insurance stocks fell due to changes in their index classifications. American Express stock ticked up following an upgrade from RBC. Airbnb shares rose after the announcement of its inclusion in the S&P 500. NextGen Healthcare climbed on news of potential acquisition talks. Oracle stock gained after an upgrade from Barclays. Brady Corporation saw a rise in shares after reporting better-than-expected quarterly results. Warner Bros. Discovery shares dipped due to concerns over potential strikes impacting cash flow.
Palo Alto Networks surges 12.5% after beating earnings expectations, while Earthstone Energy jumps 7.5% following an all-stock acquisition deal with Permian Resources. Nvidia gains 2.6% as HSBC reiterates a buy rating and raises its target price, and XPeng rises nearly 6% after being upgraded by Bank of America. Tesla rebounds with a 3% gain after last week's decline, and VMware climbs 5.2% as Broadcom receives final approval for its acquisition. Farfetch, however, sees its shares rise over 2% after a significant drop due to lower-than-expected revenue and weak guidance.
Discover Financial's shares slipped after CEO Roger Hochschild resigned, while Turnstone Biologics saw a slight decline after receiving coverage from investment firms. D.R. Horton's stock rose after Warren Buffett's Berkshire Hathaway added a stake in the company, and Hannon Armstrong Sustainable Infrastructure Capital climbed following an upgrade from Bank of America. Phillips 66 fell after a downgrade, and major U.S. banks including Morgan Stanley, JPMorgan Chase, Bank of America, and Citigroup traded lower amid potential downgrades from Fitch Ratings. Nvidia's stock climbed before the bell, and Cleveland-Cliffs' shares fell after its bid to buy U.S. Steel was rejected.
Regional bank stocks, including Western Alliance Bancorporation, PacWest Bancorp, and Metropolitan Bank Holding, rose in premarket trading after Western Alliance reported a $2B increase in deposits since the start of Q2, reaffirming the bank's deposit stability. Jefferies analyst Casey Haire believes the update demonstrates Western Alliance is distancing itself from recent industry turmoil and should be well received by the market. Other larger regional bank stocks also advanced.
