44 minutes ago
Stocks making the biggest moves before the bell: Oracle, WestRock and more
These are the stocks that moved the most in premarket trading:
Read the full list of stock moves here.
—Samantha Subin
An hour ago
Oil prices are weighing on investor sentiment
Oil prices rose on Tuesday morning, weighing on stocks as investors worried about continued inflation and a slowdown in global economic activity.
U.S. crude oil prices hit their highest level since November last year, according to FactSet. ICE Brent crude was last up 49 cents at $91.13 a barrel, while West Texas Intermediate crude futures rose 62 cents to $87.91.
See grafic…
ICE Brent Crude (November 23) 1 year
Meanwhile, Chevron shares were among the few premarket winners.
—Sarah Min, John Melloy
2 hours ago
WestRock shares rise on news of a deal with Smurfit Kappa
Westrock shares rose sharply early Tuesday on news that the paper and packaging company is moving forward with its merger with European company Smurfit Kappa.
The US company’s shares rose 8.6% in premarket trading after it was announced that the two companies will create a global behemoth worth around $20 billion.
However, investors showed less confidence that the deal was good for Smurfit Kappa, sending the company’s shares on the FTSE 100 down about 8%.
–Jeff Cox
6 hours ago
TSMC and Foxconn shares rise after Apple-Qualcomm deal
Shares of chipmaker Taiwan Semiconductor Manufacturing Corp rose 1.6% after Apple and Qualcomm signed a deal that will see Qualcomm supply the iPhone maker with 5G chips until at least 2026.
Wall Street analysts and Qualcomm executives had previously said they expected Apple to use an internally developed 5G modem starting in 2024.
TSMC is reportedly one of the makers of Qualcomm chips as well as the maker of Apple chips that power its devices.
Shares of Foxconn, which makes Apple products and does business as Hon Hai Precision Industry, saw a bigger rise of up to 2.38%.
9 hours ago
Country Garden shares are rising about 9% after creditors agreed to an extension of onshore bonds
Shares of Chinese real estate developer Country Garden Holdings rose nearly 9% before paring gains.
This came after the company’s creditors reportedly voted to extend repayments on six onshore bonds for three years.
Creditors on Monday voted in favor of proposals by the troubled company to extend repayments on eight onshore bonds worth 10.8 billion yuan ($1.48 billion).
Portal, citing two sources, said creditors had agreed to extend six of the eight bonds, while voting on the other two bonds would be delayed.
10 hours ago
Arm IPO price could top $51 per share: Portal
As Portal reported, citing sources familiar with the matter, chip designer Arm is reportedly “close” to securing enough investor backing to reach the fully diluted $54.5 billion valuation it is holding at aims to go public.
That means Arm will likely be able to price the IPO “at or above” the range of $47 to $51 per share, the report said.
The sources said Arm is also discussing the possibility of raising its price range and targeting a valuation of more than $54.5 billion given strong investor interest.
However, Arm will not offer any more shares as SoftBank wants to retain a 90.6% stake in Arm after the IPO, the sources said.
—Lim Hui Jie, Portal
14 hours ago
Investors may be “overlooking” Nvidia’s AI catalysts
Bank of America says Nvidia’s “underrated” pipeline of generative artificial intelligence products could represent significant upside for the stock, despite its 8% decline so far this month.
“In part, NVDA’s compressed valuation already reflects investors’ concerns about the sustainability of genAI investments, geopolitical concerns (China restrictions) and (overstated) competitive risks from AMD/INTC,” said analyst Vivek Arya as he rated the stock as Top choice listed.
CNBC Pro subscribers can read the full story here.
—Lisa Kailai Han
14 hours ago
Investors react to recent earnings reports
A handful of stocks moved in extended trading after the earnings announcement.
After a mixed report for the first fiscal quarter, Oracle fell more than 9% after the bell. The company beat analysts surveyed by LSEG’s expectations for earnings per share by 4 cents, to an adjusted $1.19. However, revenue was slightly below consensus: Oracle reported $12.45 billion, although analysts had expected $12.47 billion.
Meanwhile, retailer Casey’s General Stores rose more than 3%. The retailer beat earnings expectations, posting profit of $4.52 per share, based on a consensus estimate of $3.36 from analysts surveyed by FactSet. That diverted attention from revenue: The company reported $3.87 billion, while Wall Street expected $3.9 billion.
—Alex Harring
14 hours ago
Stock futures have barely changed
Stock futures are little changed shortly after 6 p.m. ET. Futures tied to the Dow, S&P 500 and Nasdaq 100 all traded almost unchanged.
—Alex Harring