Stocks making the biggest moves premarket: Trump Media & Technology, Apple, Super Micro Computer and more
Catch up on the latest corporate buzz before the markets open.
Trump Media & Technology’s shares skyrocketed over 50% in the wake of the former President Donald Trump’s assassination attempt. This event has stirred speculation of bolstering odds for Trump’s electoral success come November.
Apple saw a 2% spike in share prices after Loop Capital upgraded its rating to ‘buy’. Their rationale was the potential the tech behemoth has with upcoming AI integrations, as these might set Apple up as the preferred AI “base camp”. Additionally, reports indicate a 33% YoY growth in Apple’s Indian sales, breaking records at $8 billion in March.
Super Micro Computer, a GPU server developer, witnessed a 3.6% uptick in share prices as it is set to replace Walgreens Boots Alliance in the Nasdaq 100 index effective from July 22.
Goldman Sachs took a slight hit of less than 1% following a Q2 earnings beat. The bank reported earnings of $8.62 per share on a $12.73 billion revenue, surpassing LSEG’s anticipated earnings of $8.34 and $12.46 billion revenue.
Crypto stocks are on the rise, with Bitcoin and Ethereum climbing over 4%. Coinbase led the pack with a 5% rise, with Marathon Digital, CleanSpark, and Riot Platforms following close behind.
SolarEdge Technologies’ shares dropped approximately 9% after announcing a planned layoff of 400 employees in a move to regain profitability during a phase of falling revenues. Sunrun and Sunnova Energy also slid over 6% each, while Nextera Energy fell by 2%.
Cleveland-Cliffs’ shares dipped 3.5% after the announcement of its purchase of Stelco Holdings, a Canadian steel mill company, for roughly $2.5 billion.
Tesla’s shares blossomed 4%, adding to a robust 25% increase this month.
AutoNation’s shares experienced less than 1% decline after revealing a potential Q2 earnings impact from a cyber event involving CDK Global, a third-party information systems provider.
BlackRock saw share prices climb 1.2%. The premier asset manager reported Q2 adjusted earnings per share of $10.36, beating the LSEG consensus estimate of $9.93. However, the $4.81 billion revenue undershot the projected $4.85 billion.
Baxter International witnessed a drop of over 2% in share prices after Morgan Stanley downgraded it from equal-weight to underweight. The firm believes that despite trading at its lowest in almost ten years, Baxter’s potential for growth is limited.
