Chip stocks, General Mills fall premarket; Pinterest, Snowflake rise

June 28, 2023 8:33 AM EDT -- U.S. futures inched lower, led by technology shares as a Wall Street Journal report of new curbs on artificial intelligence chip sales to China weighed.

Here are some of the biggest U.S. stock movers today:

  • Chipmakers Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD) both fell in premarket trading after the Wall Street Journal reported that the U.S. could close loopholes in the sale of artificial intelligence chips to China.
  • Shares of General Mills (NYSE: GIS) were lower after reporting a 6% dip in sales volumes in the fourth quarter and forecasting full-year profit that came in largely below analysts' estimates as the Cheerios cereal maker battles with slow demand for its ready-to-eat cereals, snacks and meal kits due to higher prices.
  • Pinterest (NYSE: PINS) shares gained more than 4% after Wells Fargo analysts boosted their rating on the stock to Overweight from Equal Weight and lifted their price target by nearly 50% to $34 per share.
  • Cryptocurrency-related shares including Coinbase Global (NASDAQ: COIN), Riot Platforms (NASDAQ: RIOT), and Marathon Digital (NASDAQ: MARA) were broadly lower as the price of Bitcoin retreated after nearing a one-year high on Tuesday.
  • Snowflake Inc. (NYSE: SNOW) shares were up 0.5% in premarket trading as more than a half dozen analysts raised their price targets following its AI summit, which highlighted some high-profile partnerships including Microsoft (NASDAQ: MSFT) and Nvidia and affirmed a revenue target.
  • Veeva Systems (NYSE: VEEV) dropped after Morgan Stanley downgraded the stock to underweight on risks to its core customer relationship management (CRM) business within life sciences. It is the cloud-based software provider’s only negative analyst rating.
  • AST SpaceMobile, Inc. (NASDAQ: ASTS) tumbled 29% after an offering of 12.5m Class A shares to raise gross proceeds of approximately $59.4m.
  • Regeneron (NASDAQ: REGN) shares were lower after the drugmaker said its application for a higher dose of Eylea did not win regulatory approval from the US Food and Drug Administration. Several analysts cut their price targets on the stock, with Baird noting that the drug could lose ground to Roche's (SIX: RO) Vabysmo.

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