Stocks making the biggest moves premarket: Nvidia, Synaptics, Cloudflare, Topgolf Callaway Brands and more
Check out the companies making headlines in premarket trading. Synaptics — The semiconductor company climbed 5.9% after announcing a partnership with Google on Edge AI. Through the collaboration, Google’s machine learning core will be integrated on Synaptics’ Astra hardware. Nvidia — Shares of the chipmaker popped 1.7%, marking a positive start to the new trading year after being one of the best performers of 2024. Loop Capital told clients that Nvidia is in a “nirvana” moment and is showing signs that its rally can be sustained. China stocks — U.S.-listed shares of Chinese companies struggled, with the iShares MSCI China ETF (MCHI) sliding 1.4%. Chinese stocks led losses in Asia after a purchasing managers’ index missed economist expectations. Xpeng and JD.Com also both retreated by more than 1%. Crypto stocks – Stocks tied to the price of bitcoin rose, as the cryptocurrency climbed back over $96,000 and investors shrugged off losses from the final trading session of 2024. Coinbase and MicroStrategy each advanced about 4%. Miners Mara Holdings , Riot Platforms and Bitdeer were higher by more than 3% each. Uber , Norwegian Cruise Line — Both stocks traded higher after Goldman Sachs added the pair to its conviction buy list for January. Uber advanced 1.4%, while Norwegian popped 2.4%. Topgolf Callaway Brands — The golf stock jumped 8.5% on the back of an upgrade at Jefferies to buy from hold. The firm said shares appeared oversold. It raised its price target to $13 from $11, suggesting 65% upside ahead. Cloudflare — The cloud cybersecurity company jumped 5.6% after Goldman Sachs double upgraded the stock to buy from sell. The firm also nearly doubled its price target, citing “several positive catalysts” heading into 2025 including in sales and marketing productivity improvements and edge compute solutions. US Bancorp — The bank stock added 1.8% on the heels of a D.A. Davidson upgrade to buy from neutral. The firm said the bank is “turning a corner” and should see positive operating leverage return to a level above 0.5%. RTX — Shares rose 1.5% following Deutsche Bank’s upgrade to buy from hold and price target hike. The Wall Street firm said the defense company previously known as Raytheon Technologies is a “better earnings compounding story” than its peers. The price target, raised to $140 from $131, implies more than 20% upside from Tuesday’s close. — CNBC’s Tanaya Macheel, Sarah Min, Pia Singh and Michelle Fox contributed reporting
