Micron Technology saw a slight increase in its shares after Bank of America raised its price target on the chipmaker. The analyst is forecasting a significant growth in high-bandwidth memory technology demand, estimating it to surpass $20 billion by 2027.
Shares of 3M rose nearly 3% following the completion of its spinoff of health-care company Solventum. Additionally, the company announced a $10 billion settlement in a chemicals lawsuit with public water suppliers, which received final approval.
Trucking stocks like J.B. Hunt Transport and C.H. Robinson experienced a pullback after Barclays downgraded their shares. The concern raised by analyst Brandon Oglenski is the oversupply of North American truckload capacity, which is keeping rates down and profitability low for many carriers.
Both the gold miner Barrick Gold and gold royalty company Royal Gold saw an increase in their shares, with gains of 2% and 1.7%, respectively. This rise coincided with gold reaching a record high on Monday, fueled by expectations of a potential rate cut by the Federal Reserve in June.
The oil and gas producer Devon Energy saw a 1.4% increase in its shares after a Wells Fargo upgrade to overweight from equal weight. The investment bank believes that the company is on track for a positive turnaround and sees the current stock price as an attractive entry point for investors.
Delta Airlines experienced a 2% climb in its shares after being named a top pick for 2024 by Morgan Stanley. The firm highlighted Delta's strategic focus on offering more premium services as a key factor that will set it apart from its competitors.
Stock in the telecommunications firm AT & T dropped over 2% as the company announced an investigation into a data leak that exposed the information of more than 7 million customers on the dark web.
Shares of MicroStrategy, a cloud services firm, fell over 5% following the sale of nearly 4,000 shares by Executive Chairman Michael Saylor. The transaction was disclosed in a regulatory filing.
Tesla's stock rose slightly after implementing a price increase on its Model Y. The electric vehicle maker's shares saw an increase of less than 1% as a result of this change.
UPS witnessed a nearly 2% uptick in its shares after being named the primary air cargo provider for the United States Postal Service. This news contributed to the positive movement in the shipping company's stock.
The premarket trading activity of these companies reflects a mix of positive and negative movements based on various factors such as analyst upgrades, legal settlements, market trends, and company announcements. Investors should closely monitor these developments to make informed decisions regarding their investment strategies.