Palo Alto, Tesla, Nvidia rise premarket; Napco, Nikola fall
Investing.com -- U.S. futures traded higher Monday, starting a new week on a positive note as investors await news from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.
Here are some of the biggest premarket U.S. stock movers today:
Palo Alto Networks (NASDAQ: PANW) stock soared 12% after the cybersecurity company delivered an upbeat outlook for the current quarter, expecting further strength in billings growth.
Tesla (NASDAQ: TSLA) stock rose 3.1% after the investment firm Baird reiterated its ‘Buy’ rating, calling the EV manufacturer its Best Pick for the year.
Nvidia (NASDAQ: NVDA) stock rose 2.5% after HSBC raised its price target to $780, the second highest on Wall Street, ahead of the chip designer's quarterly report on Wednesday - a major test for this year's stock market rally.
Meta Platforms (NASDAQ: META) stock rose 0.6% after the tech giant announced it is set to roll out the web version on its new text-first social media platform Threads, hoping to gain an edge over X, formerly Twitter. The WSJ reported Monday that the number of daily active users of Threads has fallen to under 10 million, down from a peak of almost 50M days after its launch.
Napco Security (NASDAQ: NSSC) stock slumped 35% after the high-tech electronic security equipment manufacturer said it would revise its financial statements over the first three quarters of its 2023 fiscal year after accounting errors.
Broadcom (NASDAQ: AVGO) stock rose 0.7% after the UK's competition regulator said it has cleared the U.S. tech company's $69 billion purchase of VMware (NYSE: VMW), up 6.4%, following an in-depth probe.
XPeng (NYSE: XPEV) stock rose 5.9% after Bank of America Securities upgraded the Chinese EV manufacturer to ‘Buy’ from ‘Neutral’, citing a partnership with German auto giant Volkswagen (ETR:VOWG_p).
Nikola (NASDAQ: NKLA) stock fell 11% after the EV manufacturer unveiled a $325 million convertible bond deal a week after it had to recall all the battery-powered electric trucks that it has delivered to date after an investigation into recent fires found a coolant leak inside a battery pack as the cause.