Stocks making the biggest moves premarket: NVDA, BABA, WDAY, NFLX
Check out the companies making headlines before the bell. Nvidia – The artificial intelligence chip darling dropped more than 1% after a report by The Financial Times , which cited three people with knowledge of the matter, said that China’s internet regulator has banned the biggest tech companies in the country from buying Nvidia’s AI chips. Shares of chipmaker Advanced Micro Devices also fell more than 1% in sympathy following the report. Alibaba – U.S.-listed shares of the Chinese e-commerce giant gained 2.3% after Chinese state media reported that the company won a major customer, China Unicom, for its artificial intelligence chips. Baidu – The Chinese tech company surged nearly 8%. The move comes on the heels of Arete Research Services upgrading Baidu’s American depositary receipts to buy from sell , citing a positive outlook for its AI chip and cloud-computing revenue. Cytokinetics – The stock rose more than 1%. On Tuesday, the biopharmaceutical company announced plans to offer $650 million in convertible senior notes due in 2031. Workday – Shares of the human resources software provider advanced more than 8% after activist investor Elliott Management disclosed a $2 billion stake in the company. Netflix – The streaming giant moved 1.2% higher on the back of an upgrade to buy from hold at Loop Capital. The firm said Netflix has won the streaming wars with its strong content and has higher longer-term margin assumptions as its content generates more revenue. Zillow Group – The stock climbed nearly 3% after Bernstein upgraded it to outperform from market perform. The firm said it has been “warming up” to its fundamental story and cited the company’s recent execution on revenue growth as a factor. Tesla – Shares of the electric vehicle maker fell more than 1%, reversing course from the rise it saw in the previous trading day. Tuesday’s move higher marked the stock’s sixth straight day of gains. General Mills – The food company fell 3% after General Mills reported lackluster fiscal first-quarter results. Earnings came in above expectations but organic sales growth was about in line with expectations. — CNBC’s Sarah Min and Michelle Fox Theobald contributed reporting.
