Several companies made significant moves in premarket trading. Boeing saw a 4% jump in shares after reaching a deal with a union representing its factory workers, potentially averting a costly strike. MarineMax also experienced a 6% increase in shares after Citi upgraded them to buy from neutral, citing the benefits of a lower-rate environment and limited downside risks. Palantir Technologies and Dell Technologies both saw increases of 8% and 5% respectively after news that the stocks would join the S&P 500 index, with Palantir replacing American Airlines and Dell replacing Etsy. However, Merck saw a 2% dip as rival Summit Therapeutics announced positive phase three trial results for a lung cancer drug, potentially posing competition to Merck’s Keytruda. Summit’s shares soared more than 30%.
Arm Holdings also experienced movement in premarket trading, with a nearly 3% increase following reports that Apple will use Arm’s artificial intelligence chip technology in the iPhone 16. This news is expected to be unveiled on Monday. United States Steel saw a 3% increase in shares after JPMorgan upgraded the industrial stock to overweight from neutral, citing a buying opportunity on valuation support. The firm also believes there could be further share price movement if the planned sale to Nippon Steel falls through. JetBlue Airways saw a 2% increase after Bank of America upgraded the airline stock to neutral from underperform, citing improving conditions such as falling fuel prices. This rating change also coincides with JetBlue raising its third-quarter revenue estimates.
Overall, the market saw diverse movements in premarket trading, with some companies experiencing significant increases while others faced dips in share prices. Factors such as union deals, index inclusion, trial results, and partnerships with major companies all played a role in driving these movements. Investors will be closely watching how these developments continue to impact the companies and their respective industries in the coming days and weeks. It is important to consider these factors and conduct thorough research before making investment decisions based on premarket trading activity.
