Stocks making the biggest premarket moves: U.S. Steel, AT&T, Synchrony Financial, CVS and more
Check out the companies making the biggest moves in premarket trading: U.S. Steel — Shares tumbled 7% after President-elect Donald Trump said late Monday he will block the purchase of the steelmaker by Japan’s Nippon Steel. A deal was reached in late 2023 for Nippon Steel to buy U.S. Steel, but it has since encountered political opposition. AT & T — The cell phone stock climbed nearly 4% after saying it anticipates more than $18 billion in free cash flow in 2027. AT & T laid out its three-year vision on Tuesday, which includes plans to double its fiber internet availability and enhance its 5G network. Axon Enterprise — The maker of Tasers used by police departments added almost 2% following an upgrade at Morgan Stanley to overweight from equal weight. The investment bank said artificial intelligence could help expand Axon Enterprise’s total addressable market. Synchrony Financial — The Stamford, Connecticut-based credit card issuer rose more than 1% after an upgrade to overweight from equal weight at Wells Fargo. The bank said Synchrony is trading at a cheap valuation and could benefit from regulatory changes under the incoming Trump administration Upstart Holdings — Shares of the AI-lending marketplace added 1.5% following an upgrade at Redburn Atlantic to buy. The firm sees a significant market opportunity with Upstart’s blend of AI and a scalable tech platform. Credo Technology Group — The tech company soared 32% after earnings topped analyst estimates late Monday and it issued strong current-quarter revenue guidance. Adjusted earnings came in at 7 cents per share on $72 million in revenue in the second fiscal quarter against Street estimates of 5 cents per share on revenue of $67 million, according to LSEG. Zscaler — The cloud security company forecast for fiscal second quarter revenue nearly matched analysts’ estimates, sending shares 7% lower in early trading. Zscaler reported better-than-expected adjusted earnings and revenue in its fiscal first quarter. CVS Health — Shares rose 1.4% after Deutsche Bank upgraded the drug store chain and pharmacy benefit mansger to buy from hold. The investment bank believes earnings will recover and top consensus estimates. Cleanspark — Shares dropped almost 8% after the bitcoin miner reported fiscal year 2024 revenue that missed expectations. Revenue of $379 million fell short of the $395 million consensus estimate, according to FactSet. Super Micro Computer — The maker of artificial intelligence servers moved nearly 8% higher, adding to its 29% gain on Monday, when a special committee of the board of directors said it found no evidence of misconduct , nor “any substantial concerns about the integrity of Supermicro’s senior management or Audit Committee, or their commitment to ensuring that the Company’s financial statements are materially accurate.” — CNBC’s Jesse Pound, Hakyung Kim, Sarah Min and Pia Singh contributed reporting.
