Stocks were poised to open with small gains on Monday, in a week likely to be dominated by the major central banks.
These stocks were poised to make moves Monday:
Shares in chip-design company
Arm Holdings
(ticker: ARM) fell 3.2% to $58.83 after its successful trading debut last week, with the stock most likely still finding its level. Other chip makers were mixed:
Nvidia
(NVDA) was down 1.5%;
Intel
(INTC) fell 0.7%; and U.S.-listed shares of
Taiwan Semiconductor Manufacturing
(TSM) fell 0.4%.
Micron Technology
(MU) jumped 2.2% after being upgraded to Buy from Hold at Deutsche Bank.
GM
(GM) was up 0.3% in premarket trading and Jeep owner
Stellantis
(STLA) fell 1.3% as the impact from the United Auto Workers strike at three car plants played out.
Ford
(F) was down 0.2% and
Tesla
(TSLA) dipped 0.2%. Negotiations between the car makers and the union resumed over the weekend.
QuantumScape
(QS) rose 2.5% in premarket trading after the electric-battery start-up was initiated at Outperform at Evercore ISI.
Ralph Lauren
(RL) gained 1.7% after the premium apparel company was upgraded to Buy from Neutral at Guggenheim.
NetApp
(NTAP) was off 1.6% in premarket trading after the data-sharing software company was downgraded to Market Perform from Outperform at William Blair.
PayPal Holdings
(PYPL) dropped 1.4% after the payment giant was downgraded to Market Perform from Outperform at MoffettNathanson.
Planet Fitness
(PLNT) fell 1.2% in premarket trading following a downgrade to Hold from Buy at Jefferies. The stock tumbled 16% on Friday after fitness chain announced the departure of CEO Chris Rondeau and named a new interim CEO, effective immediately.
Chevron
(CVX) was up 0.6% to $167.44 after the oil major said its natural gas plant in Australia, hit by worker strikes, has returned to full production. Its Wheatstone plant, together with its nearby Gorgon facility produces around 5% of the world’s liquid natural gas and had suffered a fault last week. Rival
Exxon
(XOM) was up 0.5% to $117.23.
Stitch Fix
(SFIX) is scheduled to report quarterly earnings after the closing bell Monday. Reports are expected later in the week from
FedEx
(FDX),
General Mills
(GIS),
AutoZone
(AZO),
KB Home
(KBH), and
Darden Restaurants
(DRI).
Write to Rupert Steiner at [email protected] and Emily Dattilo at [email protected]
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