Stocks making the biggest premarket moves: Apple, Meta, Micron, PacWest and more

Market Insider

Apple phones on display in an Apple store on May 04, 2023 in Miami, Florida.
Joe Raedle | Getty Images

Check out the companies making the biggest moves in premarket trading:

Apple — Shares of the iPhone maker fell about 1% premarket after Loop Capital downgraded Apple’s stock to hold from buy. Loop predicts that the company will fall short of its June quarterly revenue guidance, the firm said in a note Monday.

Meta — The social media company saw its shares dip more than 1% in premarket after news that the firm has been fined a record 1.2 billion euro ($1.3 billion) by European privacy regulators over the transfer of EU user data to the U.S. The Irish Data Protection Commission also told Meta to suspend “any future transfer of personal data” to the U.S. Meta said it would appeal the decision and the fine.

Micron Technology — Shares of the U.S. chipmaker sank more than 4% after China’s Cyberspace Administration barred operators of “critical information infrastructure” in China from purchasing products from Micron. Other chip stocks also fell, with Advanced Micro Devices shedding 1.4% and Nvidia slipping nearly 1%.

PacWest — Shares of the closely watched regional bank rose 3.5% before the bell. The bank sold $2.6 billion worth of construction loans to a Kennedy-Wilson Holdings subsidiary.

Nike, Foot Locker — Shares of Nike and Foot Locker declined 1.5% and 2.4%, respectively, in premarket trading. The move comes after Foot Locker’s lackluster results last week prompted concern over other sports apparel retailers. Foot Locker missed on the top and bottom lines in its first fiscal quarter, and lowered its guidance.

DraftKings — Shares of the sports betting stock rose about 3% before the bell. UBS upgraded shares to a buy from neutral rating, saying that expansion into new markets should fuel growth.

Norfolk Southern, CSX — Shares of the railroads added 1.8% and 1.5%, respectively, in premarket trading. Norfolk Southern was upgraded by Citi to buy from neutral, while Wells Fargo upgraded the stock to overweight from equal weight. CSX was also upgraded by Citi to buy.

Catalent — Shares of the pharmaceutical company declined 2.5% Monday morning. Catalent was downgraded by JPMorgan to neutral from overweight on Friday, with the Wall Street firm citing current productivity issues and macro headwinds among its reasons. Shares surged 15.6% during the previous trading session after the company shared a business update.

— CNBC’s Tanaya Macheel, Yun Li, Alex Harring, Hakyung Kim, Samantha Subin and Sarah Min contributed reporting.

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