Examine the companies making news prior to the opening of the stock market.Yum China – Before the market opened, the Chinese restaurant giant's stock rose more than 3% in response to their newly disclosed financial objectives and plans to extend to 20,000 restaurants by 2026 which were unveiled during an investor event.AMC Entertainment – The film theater corporation's shares jumped 5% this morning after they completed an equity offering that was announced earlier in the month. Around 40 million shares were sold at an average price of $8.14, raising nearly $325.5 million.Etsy – The e-commerce store's stock increased 4% at the start of trading after Wolfe Research upgraded it to an outperform rating from its previous peer perform rating. Wolfe specified three reasons for the promotion: probable growth in consumer spending, the potential for a higher margin of profit, and a stronger emphasis on Etsy's key business.Semtech – Despite forecasting a loss of 9 to 22 cents per share on revenue of $190 to $210 million in their fiscal third quarter, the semiconductor company's shares went up 1% in early trading. In comparison to the analysts' estimated earnings of 12 cents on a revenue of $247.7 million, Semtech earned 11 cents per share (after adjustments) in the second quarter, as noted by FactSet.Penn Entertainment – The gambling stock rose 3% before the market opened on a short-term buy call from Deutsche Bank, which expressed optimism that the stock may experience an upswing going forward.First Solar – The stock increased nearly 2% after BMO Capital Markets upgraded it from market perform to outperform, citing the recent sell-off, which served as an enticing opportunity for investors.Exxon Mobil, Chevron – The two oil companies' stocks both gained a bit before trading after oil prices reached their highest level this year, with Brent crude topping $93 a barrel. Occidental Petroleum and Devon were up during the early trading period as well.HP – The computer and printer maker's shares declined more than 3% premarket after Berkshire Hathaway's filing revealed that a part of their stake in the company was sold. Approximately 5.5 million shares, worth around $158 million, were sold. Though the Omaha-based conglomerate had originally acquired HP stock in April 2022, becoming its largest investor, they still own over $3 billion worth of HP shares.General Motors, Ford – The automobile businesses saw their stocks slightly higher at the beginning of trading after United Auto Workers President Shawn Fain declared a strike was very probable if a work agreement is not agreed upon by 11:59 p.m. ET Thursday. Ford CEO Jim Farley countered, saying they had not yet received a "genuine counteroffer" for their proposals. — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Pia Singh contributed to this report.
Comments