Micron, Meta Platforms, Apple fall premarket; DraftKings, PacWest rise

Investing.com -- Stocks in focus in premarket trade on Monday, May 22nd. Please refresh for updates.

• Micron (NASDAQ: MU) stock fell 4.3% after China prohibited major local infrastructure operators from purchasing chips made by the U.S. semiconductor firm.

• Meta Platforms (NASDAQ: META) stock fell 1.2% after the tech giant was fined a record $1.3 billion by the EU’s lead privacy regulator for its handling of user information.

• JPMorgan Chase (NYSE: JPM) stock rose 0.4% after the largest U.S. lender expected the purchase of First Republic Bank to boost its net interest income by $3 billion this year.

• Apple (NASDAQ: AAPL) stock fell 1% after Loop Capital downgraded the iPhone maker to ‘hold’ from ‘buy’, expecting the company to miss its revenue forecasts.

• DraftKings (NASDAQ: DKNG) stock rose 3% after UBS upgraded its stance on the sports gaming company to ‘buy’ from ‘neutral’, citing new market penetration and higher revenue growth.

• Nike (NYSE: NKE) stock fell 1.5% after Williams Trading downgraded its stance on the sportswear retailer to ‘sell’ from ‘hold’, saying the company faces many headwinds and the stock is expensive.

• PacWest Bancorp (NASDAQ: PACW) stock rose 4.5% after the regional lender agreed to sell a portfolio of real estate construction loans, amounting to around $2.6B, to a unit of Kennedy-Wilson (NYSE: KW), up 1%.

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