Stocks making the biggest premarket moves: FDX, INTC, LEN, AAPL
Check out the companies making headlines before the bell : FedEx — Shares popped 5.5% on the back of a better-than-expected earnings report for the fiscal first quarter. FedEx earned an adjusted $3.83 per share on $22.24 billion in revenue, while analysts polled by LSEG forecasted $3.59 per share and $21.66 billion. Intel — The tech stock pulled back slightly after a blockbuster day that saw shares skyrocket 22%. The rally came after Nvidia said it will invest $5 billion in Intel as part of a deal to co-develop data center and PC chips with the troubled chipmaker. However, Citi downgraded the shares to sell from neutral Friday, saying the stock is pricing in success in its leading-edge foundry business that it believes has minimal chance to succeed. Lennar – Shares dropped 3% after the homebuilder’s third quarter revenue came in weaker-than-expected, with the company posting $8.81 billion against the $9.00 billion that analysts surveyed by LSEG were expecting. Earnings, however, topped estimates, coming in at $2.29 per share compared to the consensus estimate of $2.10 per share. Apple — JPMorgan hiked Apple’s price target to $280 from $255, boosting the stock of the iPhone maker slightly in the premarket. The Wall Street firm said demand for Apple’s new slate of iPhone is strong based on early sales across Asia. Stellantis — The Jeep parent gained nearly 2% after Berenberg upgraded the stock to buy from hold. “We fully acknowledge that Stellantis’ earnings recovery may take time, and H2 could still be affected by further strategic one-offs or impairments. However, the narrative is now clearly improving,” the firm said. Klaviyo — Shares rose more than 5% after Morgan Stanley upgraded the email platform company to overweight from equal-weight, saying Klaviyo has an expanded market opportunity to support durable growth. Bill Holdings — Truist upgraded the financial operations platform to buy from hold, sending shares 2% higher. The firm believes Bill Holdings’ revenue growth will exceed expectations and is bullish on the recent share buildup by activist shareholders. — CNBC’s Alex Harring, Sean Conlon, Michelle Fox, Fred Imbert and Sarah Min contributed reporting.
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