Check out the companies making headlines before the bell. Intel – The chipmaker rose 4% on news that asset management company Apollo Global Management offered to make an equity-like investment of as much as $5 billion in Intel, according to a Bloomberg News report on Sunday. CNBC confirmed on Friday that Qualcomm had recently approached Intel about a takeover. Intel has lost more than half its value this year, and last reached an all-time high in the summer of 2000. Ciena – The networking software maker added more than 4% after a double upgrade by Citigroup to buy from sell cited an improving landscape in the broader telecommunications/cable industry. The bank sees bookings growth heading into next year. Constellation Energy – The nuclear energy provider gained about 3% after Morgan Stanley hiked its 12-month price target , implying nearly 23% upside. The investment bank believes Constellation’s plans to restart the Three Mile Island nuclear plant in Pennsylvania to meet demands for power from Microsoft data centers positions it for further growth. Pinterest – The social media platform advanced more than 2% after Deutsche Bank initiated research coverage with a buy rating. The bank sees an increasing relevance of the platform among users and expects strong revenue growth over the next few years. General Motors – Shares fell 2% following Bernstein’s downgrade of the Chevrolet and Cadillac maker to market perform from outperform. The Wall Street firm also lowered its price target, citing headwinds from a continued buildup in U.S. inventories and challenges in GM’s international business. Palantir – The maker of software platforms to help companies analyze data declined more than 1%. Raymond James downgraded shares to market perform, citing an elevated valuation following Palantir’s recent outperformance. Micron Technology – The Boise, Idaho-based maker of DRAM chips gained more than 1% after JPMorgan reiterated an overweight rating ahead of Micron’s earnings, set for release Wednesday. Analyst Harlan Sur anticipates results and forward guidance “in-line with recently lowered consensus estimates,” and bolstered by strong artificial intelligence demand. — CNBC’s Samantha Subin, Sarah Min, and Pia Singh contributed reporting.
https://www.cnbc.com/2024/09/23/stocks-making-the-biggest-moves-premarket-intc-pins-pltr-and-more.html
