Several companies made headlines in premarket trading, including Krispy Kreme, which saw its shares surge nearly 14% after announcing a partnership with McDonald’s to sell its donuts in McDonald’s restaurants nationwide by the end of 2026. Seagate Technology also saw a 4.1% increase after an upgrade from Morgan Stanley, citing improved earnings power due to generative artificial intelligence. McCormick experienced a nearly 4% increase in shares after reporting an earnings and revenue beat for the fiscal first quarter, with adjusted earnings per share coming in at 63 cents. United Parcel Service (UPS) saw its shares rise 3% after releasing long-term forecasts, projecting between $108 billion and $114 million in consolidated revenue in 2026.
Super Micro Computer also experienced a 3.1% increase in shares after being named a leader in the AI compute market by JPMorgan, which initiated coverage of the stock with an overweight rating. Micron Technology saw a 1.5% increase in shares after Mizuho Securities reiterated its buy rating and increased its price target on the stock, pointing to a strong AI opportunity that could lead to better-than-expected sales in late 2024 into 2025. Taiwan Semiconductor saw a 1% increase in shares after JPMorgan reiterated its overweight rating on the stock, noting that “all roads” in artificial intelligence lead to Taiwan Semiconductor.
Overall, these companies experienced positive movement in premarket trading, with Krispy Kreme’s partnership with McDonald’s driving a significant increase in its share price. Seagate Technology, McCormick, UPS, Super Micro Computer, Micron Technology, and Taiwan Semiconductor all saw gains after receiving positive ratings and forecasts from analysts and financial institutions. The market appears to be responding favorably to advancements in artificial intelligence and opportunities within the technology sector, with companies like Super Micro Computer and Taiwan Semiconductor positioned as leaders in the AI compute market. As the technology landscape continues to evolve, these companies are poised to benefit from the growing demand for innovative solutions in areas like data storage, computing, and semiconductor technology. Investors may continue to monitor these companies for further developments and potential opportunities for growth in the future.
