In premarket trading, several companies made headlines. Nvidia’s stock slipped less than 1%, officially entering correction territory after falling 10% from its all-time high. Alibaba Group saw a nearly 3% rise after co-founder Jack Ma praised the company’s management and discussed the potential for AI in an internal memo. Albemarle’s shares gained 2% following an upgrade from Bank of America and rising lithium prices. GoodRx also saw a 4% increase after KeyBanc upgraded the stock due to strong subscriber growth forecast. However, Deckers Outdoor slipped over 2% after a downgrade from Truist over concerns about declining demand for core products. Delta Air Lines gained 4% after posting better-than-expected adjusted earnings per share for the first quarter, citing strength in both leisure and business travel.
The chipmaker Nvidia’s stock slipped less than 1% in premarket trading, officially entering correction territory after falling 10% from its all-time high. The company is a leader in artificial intelligence and is known for its “Magnificent Seven” status. Meanwhile, Alibaba Group saw a nearly 3% rise in its stock price following reports that co-founder Jack Ma praised the company’s management in an internal memo. Ma also discussed the potential for AI in the company’s future. Albemarle’s shares gained about 2% after Bank of America upgraded the chemicals manufacturing company to a buy rating. This upgrade was influenced by rising lithium prices, and Bank of America also raised its price target for the company.
GoodRx, a telemedicine company, saw its shares climb nearly 4% after KeyBanc upgraded the stock to overweight, based on a strong subscriber growth forecast. However, Deckers Outdoor’s shares slipped over 2% after Truist downgraded the footwear company to a hold rating. The downgrade was prompted by concerns about declining demand for core products, including Hoka. Delta Air Lines saw a 4% increase in its stock price premarket after posting better-than-expected adjusted earnings per share for the first quarter. CEO Ed Bastian highlighted strength in both leisure and business travel, particularly as the peak travel season approaches.
Taiwan Semiconductor Manufacturing also saw a 2% rise in its shares after reporting strong demand for artificial intelligence-powering chips. This strong demand helped the company expand its monthly revenue by 34.3% year-on-year in March. As AI technology becomes more prevalent across various industries, companies like Taiwan Semiconductor Manufacturing are poised to benefit from this trend. Overall, the premarket trading activity highlighted a mix of positive and negative news for various companies, reflecting the ongoing volatility and uncertainty in the market. Investors will be watching closely to see how these companies perform in the coming days and weeks.
