Stocks making the biggest moves premarket: Darden Restaurants, Nvidia, DoorDash, Coursera and more

Here’s an early look at companies making waves in the market.

Darden Restaurants’ shares saw an impressive hike of nearly 11% after the company announced a significant multi-year partnership with Uber, promising on-demand delivery later this year. Despite their quarterly earnings and revenue falling short of expectations, particularly for Olive Garden and its fine dining spots, the announcement created positive momentum.

NextEra Energy Partners also enjoyed share gains, at 2.6%, after Jefferies began their coverage of the energy firm and awarded it a buy rating. It seems the apprehension around the $3.75 billion in buyouts that NextEra must juggle is already accounted for in the stock price.

Shares in DoorDash increased by over 3%. BTIG upgraded their rating from neutral to buy, citing robust growth in Q3 despite forecasts of a potential consumer downturn.

Nvidia, ASML, Arm Holdings, and Micron collectively created a buzz in the semiconductor sector, rallying in pre-market trading after the Fed’s rate cut decision. Notably, shares in AI star Nvidia grew 3.1%, while chip manufacturers ASML and Arm Holdings saw shares surge by 4.8% and 4% respectively. Micron Technology, a memory and storage solutions provider, also saw a modest rise of 2.5%.

Five Below’s shares decreased slightly by 1.6%, following a downgrade from neutral to underweight by JPMorgan. The bank cited a consistent sales dip in certain product bundles over recent quarters, attributing this to potential market challenges through 2025 due to labor costs.

Coursera’s shares leaped by 6.1% on the back of Bank of America’s buy rating initiation. The bank projected continued growth in margins and a revenue boost for the online learning platform.

Lennar, a homebuilding company, saw shares increase by 3.5% as it prepares for third-quarter earnings due after market closure. FactSet’s analysts are predicting earnings of $3.64 per share on revenue of $9.13 billion for this quarter.

Alibaba shares moved upwards by over 4% after the Chinese e-commerce giant announced the release of over 100 open-source AI models and added a text-to-video tool. Further, an upgrade to their flagship model, Qwen-Max, boosted investor interest.

Ahead of its Q1 earnings report, FedEx saw its shares grow over 1%. FactSet’s analysts are forecasting earnings of $4.81 per share on revenues of $21.90 billion for this quarter.

Crypto stocks linked to bitcoin prices rose as the cryptocurrency grew by over 3% following the delayed reaction to the Fed’s rate cut. Notably, exchange operator Coinbase shares increased 4%, and bitcoin surrogate MicroStrategy shares climbed 5%.