Prism Stocks making the biggest moves premarket: GameStop, Nvidia, Intel, Kenvue and more

Keep an eye on the companies causing a stir before the opening bell.

GameStop

— GameStop’s stock surged over 37% in pre-market trading following a rare post from “Roaring Kitty”, marking his first appearance in nearly three years. The image posted depicted an intent video gamer, signaling serious involvement in the game. This also marks Roaring Kitty’s first activity on the platform and Reddit since 2021.

Arm Holdings

— The chip manufacturer’s stock jumped 3.4% after Nikkei reported plans to release its debut AI chips in the forthcoming year. Arm aims to have the prototype ready by spring 2024, as per the report.

Nvidia

— Nvidia’s shares increased by approximately 1% after Jefferies raised its price estimate for the chipmaker to $1,200 per share, suggesting around 34% potential for growth. Analyst Blayne Curtis expressed optimism about Nvidia’s prospects in the emerging AI market, stating, “We believe it’s too early to sift out winners and losers in the AI basket yet, but NVDA is our favorite.”

Intel

— Intel’s shares edged up by 1.1% following a Wall Street Journal article revealing that the chip giant is in talks with Apollo Global Management for an $11 billion deal to establish a factory in Ireland.

Kenvue

— Kenvue’s stock slumped nearly 2% as it was announced that Johnson & Johnson will sell its 9.5% stake stake in the firm. Kenvue successfully spun off from Johnson & Johnson in May 2023.

Squarespace

— The website development platform witnessed its shares soar over 12% following news of a $6.9 billion private acquisition deal. Squarespace stated on Monday morning it will be acquired by private equity firm Permira at a rate of $44 per share, indicating a 15.2% premium compared to Friday’s closing price.

Penn Entertainment

— The sports-betting stock retreated 2.3% after Bank of America downgraded shares to neutral from buy. According to the firm, Penn was viewed as a “deep value turnaround” instead of a growth proposition, deviating from its original sentiment. The company’s weakening balance sheet also weighed on the stock.

Airline stocks — United, Delta, and American Airlines’ shares rose by 0.6% after receiving buy ratings from HSBC. Delta was singled out as HSBC’s preferred stock in the sector. The firm believes growth in international and corporate travel will bolster these stocks.

SolarEdge

— SolarEdge’s stock retreated 0.9% after Susquehanna downgraded the rating from positive to neutral. Given the solar company’s larger-than-anticipated first quarter losses and disappointing revenue forecast, Susquehanna cited continued pressure on gross margins.

Incyte

— The biopharmaceutical firm’s stock rallied over 5% on Monday after it sanctioned a $2 billion share repurchase program.

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Prism Stocks making the biggest moves premarket: GameStop, Nvidia, Intel, Kenvue and more

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