Visa's stock drops over 2% after announcing plans to change its share structure, while Semtech's stock rises 7% after beating earnings expectations but offering weak guidance for the third quarter. Penn Entertainment's shares rally 6% as Deutsche Bank initiates a short-term catalyst call to buy the company. Netflix's shares slip roughly 2% as its CFO warns that the ongoing Hollywood writers' strike is bad for business and that its ad-supported streaming option won't boost revenue in the short-term. Yum China's shares gain nearly 6% after announcing new financial targets and expansion plans. AMC Entertainment's stock adds 3% after completing an equity offering.
AMC Entertainment shares rose 5% after completing an equity offering, while Yum China saw a 3% increase in premarket trading as it announced new financial targets and expansion plans. Etsy's stock gained 4% after being upgraded by Wolfe Research, citing rebounding consumer spending and margin improvement. Semtech's semiconductor stock rose 1% despite offering a lower-than-expected fiscal third-quarter forecast. Penn Entertainment climbed 3% following a short-term buy call from Deutsche Bank. Additionally, First Solar's stock rose 2% after being upgraded by BMO Capital Markets, and Exxon Mobil and Chevron gained about 1% each as oil prices reached their highest levels this year. HP's shares fell over 3% after Berkshire Hathaway sold a portion of its stake, and General Motors and Ford saw fractional increases in premarket trading amid the possibility of a strike if a contract agreement isn't reached.
