In premarket trading, Micron Technology saw a 1.1% increase in its shares after Bank of America raised its price target on the chipmaker, predicting that high-bandwidth memory technology demand will grow to over $20 billion by 2027. 3M’s stock rose almost 3% after completing the spinoff of health-care company Solventum and finalizing a $10 billion settlement in a chemicals lawsuit. J.B. Hunt Transport and C.H. Robinson, however, saw a decline in their shares after Barclays downgraded them due to concerns about oversupply in the North American truckload capacity affecting rates and profitability for carriers. Barrick Gold and Royal Gold, on the other hand, saw gains of 2% and 1.7% respectively as gold prices reached a record high, driven by expectations of a rate cut from the Federal Reserve.
Devon Energy experienced a 1.4% increase in its shares after Wells Fargo upgraded the oil and gas producer to overweight from equal weight, citing expectations that the company will soon turn a corner and offering a good entry point for investors. Delta Airlines saw a 2% climb in its shares after being named a top pick for 2024 by Morgan Stanley due to its push into more premium offerings that are expected to outperform its peers. AT&T, however, experienced a 2% decline in its stock after disclosing a data leak that affected over 7 million customers, leading to their information being published on the dark web. MicroStrategy shares fell by more than 5% following Executive Chairman Michael Saylor’s sale of nearly 4,000 shares of the company’s stock last week.
Tesla’s stock saw a slight increase of less than 1% after the electric vehicle maker implemented a previously announced price increase on the Model Y. UPS experienced a nearly 2% increase in its shares following news that it would become the primary air cargo provider for the United States Postal Service. These movements in the stock market reflect various factors influencing the performance of different companies, from analyst forecasts and regulatory filings to industry developments and market trends. Investors are keeping a close eye on these companies as they navigate through the dynamic and ever-changing landscape of the financial markets, seeking opportunities for growth and stability in their investment portfolios.
