Stock Market

Stocks making the biggest moves premarket: AMC, Etsy, First Solar and more

In this article

An AMC Theatre on March 29, 2023 in New York City. AMC Entertainment shares jumped as much as 13%, following a report that Amazon was looking to buy the theater chain. 
Leonardo Munoz | Corbis News | Getty Images

Check out the companies making headlines before the bell.

Yum China — Shares rose over 3% in premarket hours as the Chinese restaurant conglomerate announced new financial targets and unveiled plans to expand to 20,000 restaurants by 2026 during an investor day.

AMC Entertainment — Shares of the movie theater chain jumped 5% in premarket trading after AMC said it had completed the equity offering it announced earlier this month. The company said it sold 40 million shares at an average price of $8.14, raising about $325.5 million.

Etsy — Shares of the e-commerce retailer added 4% before the bell after Wolfe Research upgraded the stock to an outperform rating from peer perform. Wolfe cited three reasons for the upgrade: a rebound in consumer spending, the potential for margin improvement and an improved emphasis on Etsy’s primary franchise.

Semtech — The semiconductor stock rose 1% in early trading despite offering a fiscal third-quarter forecast late Wednesday that calls for a loss of 9 cents to 22 cents a share on revenue of $190 million to $210 million. Analysts had estimated it would earn 12 cents on revenue of $247.7 million during the period. In the second quarter, the company earned 11 cents a share, after adjustments, exceeding analyst’s expectations of 2 cents per share, according to FactSet.

Penn Entertainment — The sports betting stock climbed 3% in premarket trading following a short-term buy call from Deutsche Bank. The bank said there’s reason to believe the stock should see upside ahead.

First Solar — The stock climbed about 2% higher after BMO Capital Markets upgraded shares to outperform from market perform, citing a recent selloff that has created an attractive entry point for investors.

Exxon Mobil, Chevron — Exxon Mobil and Chevron gained about 1% each before the market opened as oil prices reached their highest levels this year, with Brent crude topping $93 a barrel. Occidental Petroleum and Devon saw early morning gains as well.

HP — Shares of the printer and PC maker fell more than 3% in premarket trading after a regulatory filing showed Warren Buffett’s Berkshire Hathaway sold a portion of its stake. The conglomerate sold about 5.5 million shares of HP, worth around $158 million. The Omaha-based giant first bought the tech hardware stock in April 2022, becoming its largest shareholder. Berkshire still owns over $3 billion in HP shares.

General Motors, Ford — Shares of the automakers were up fractionally in premarket trading after United Auto Workers President Shawn Fain said Wednesday night that a strike was “likely” against the companies if a contract agreement can’t be reached before the 11:59 p.m. ET Thursday deadline. Ford CEO Jim Farley struck back, saying the company has received “no genuine counteroffer” on its proposals.

— CNBC’s Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Pia Singh contributed reporting

Articles You May Like

With high prices and mortgage rates, aspiring and current homeowners feel ‘stuck’
Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates
King’s Speech sets out 40 bills to ‘take the brakes off Britain’
Companies around the world hit by Microsoft outage
SEC approves MSRB’s amendments to time of trade disclosure