Stocks making the biggest moves premarket: Exxon, Spotify, Boeing, McDonald’s, TSMC and more

Here’s the quick rundown on the companies making waves in premarket trading.

Spotify’s stock is humming along, up by 2%, following Wells Fargo’s endorsement of it as a top stock choice. Analyst Steven Cahall is especially enthusiastic about the company’s expanding profit margins, robust product offering, and evolving relationships with record labels.

Robinhood earned an additional 2% in its stock value. The company made headlines when it announced the ability for its users to trade contracts of Kamala Harris or Donald Trump in anticipation of the 2024 presidential race.

Boeing saw a 2% decrease in shares after the company introduced a stock offering expected to secure roughly $19 billion. This move is designed to fortify the company’s financial standing, which has been negatively impacted by a worker strike and various production and safety challenges.

Oil companies, including Occidental Petroleum, Exxon, and BP, suffered a slight dip in shares as crude oil prices fell following an Israeli attack on Iran’s military installations over the weekend. Despite this, Citi analysts don’t expect this event to escalate into a significant disruption to oil supply.

McDonald’s saw its shares beef up by 1% following the announcement of the Quarter Pounder burger’s return to approximately 900 establishments this week. After being pulled due to a severe E. coli outbreak, the burger will now be served without the suspected source: slivered onions.

Taiwan Semiconductor Manufacturing’s shares were off by 2% after TSMC suspended shipments to a Chinese chip designer following the discovery of its chip in a Huawei AI processor.

ON Semiconductor saw a 3% uptick in shares after exceeding analysts’ expectations with its Q3 results, posting adjusted earnings per share of 99 cents and revenue of $1.76 billion.

Tesla’s shares charged up by 0.7% after earning a pricing target hike from Canaccord Genuity, citing the EV maker’s earnings trends looking promising compared to the other ‘Magnificent Seven’ companies.

Chinese automaker Nio’s shares accelerated by over 2% following an upgrade from neutral to outperform at Macquarie, who noted strong order volume for the Onvo L60 model.

Delta Air Lines’ shares took flight, gaining 2% after the company filed a complaint against CrowdStrike alleging breach of contract and negligence tied to a July outage causing significant flight cancellations.