Stocks making the biggest premarket moves: EA, NVO, LRCX, ORCL
Check out the companies making headlines before the bell: Electronic Arts — Shares rose 5% shortly after a consortium of investors led by Jared Kushner announced it had struck a $55 billion deal to acquire the videogame maker and take it private, confirming earlier reports. Cannabis stocks — The group surged after President Donald Trump posted a video on Truth Social touting the benefits of cannabinoids for seniors. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) ripped 22% higher. Aurora Cannabis jumped 14%. Novo Nordisk — U.S.-listed shares of the Danish pharma stock fell 3.2% following Morgan Stanley’s downgrade to underweight from equal weight. Morgan Stanley cited rising competition in the GLP-1 space and other downside risks. Lam Research — The semiconductor equipment maker climbed 3% after a Deutsche Bank upgrade to buy from hold. The bank said Lam Research will benefit an improving outlook for wafer fabrication equipment and a valuation that’s somewhat in line with peers. Oracle – The database software company ticked up nearly 1% after questions around the AI trade sent the stock tumbling last week. Oracle is coming off an 8.2% weekly drop, its biggest since the week ended April 4, when it slid nearly 9%. AppLovin — Shares rose 2.7% after Morgan Stanley hiked its price target for the mobile technology company to $750 from $480. “On 10/1 APP will launch its self-serve tool for non-gaming. This is a key catalyst to grow its ad business and prove that it can tap into billions of ad dollars outside the game industry,” the bank said. Boeing — The aircraft manufacturer added nearly 1%, building on Friday’s 3.6% advance. The moves come after the Federal Aviation Administration signaled it would relax restrictions on Boeing issuing airworthiness certificates for some 737 Max jets. Intel — The chipmaker fell 1.7%, losing some steam after its massive runup that pushed the stock into overbought territory. Intel is up roughly 80% this year. It also has a relative strength index at 80, meaning it’s vulnerable to a pullback. Applied Materials — Shares rose 1% the company disclosed it entered a 364-day revolving credit facility with Bank of America worth $2 billion. Wells Fargo — The bank was downgraded to equal weight from overweight by Morgan Stanley, who said it sees limited upside for the stock. Shares of Wells Fargo were down less than 1%. — CNBC’s Sarah Min, Alex Harring, Fred Imbert and Michelle Fox Theobald contributed reporting.
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