Stocks making the biggest moves premarket: Nvidia, Palantir, Interpublic Group, Reddit, Macy’s and more
Check out the companies making headlines in premarket trading. Nvidia — Shares slid 2% after China said a regulatory body launched an investigation into the chipmaker. The State Administration for Market Regulation was looking at potential antimonopoly law violations, according to the Chinese government. Advanced Micro Devices — The chipmaker dropped more than 1% after a Bank of America downgrade to neutral from buy. Analyst Vivek Arya cited potential market share losses as Big Tech hyperscalers signal their preference for Nvidia and other semiconductor makers. Palantir Technologies — Shares advanced more than 6% after the software platforms company said it expanded its contract with the U.S. Special Operations Command to develop artificial intelligence mission management. The contract is valued at nearly $37 million. Interpublic Group of Companies , Omnicom Group — The stocks moved in opposite directions after the companies announced that Omnicom will acquire Interpublic in a stock-for-stock transaction . The deal is expected to close in the second half of 2025. Following the announcement, shares of Interpublic jumped nearly 15%, while Omnicom shares fell about 3%. Macy’s — Shares moved 3% higher after activist investor Barington Capital called on the department store chain to change its capital allocation plan and create a real estate unit to maximize the value of its owned assets. It also wants Macy’s to reevaluate alternatives for its Bloomingdale’s and Bluemercury operations. Dow — Shares popped 4% on news that the chemicals maker plans to sell 40% of its stake in some of its U.S. Gulf Coast infrastructure assets for $2.4 billion to a fund managed by Macquarie Asset Management. Reddit — The social media platform surged nearly 5% following an upgrade to overweight from equal weight at Morgan Stanley . Analyst Brian Nowak said he believes Reddit has yet to reach its full potential, especially with U.S. ad revenue growth that could be up to six times faster than that of its peers. He also expects ad spending to increase with Reddit’s technological adoption, which includes end-to-end automation and machine-learning modeling. SoFi Technologies — The fintech stock slipped 2% after a downgrade to underperform from neutral at Bank of America. The investment firm said SoFi is “priced to perfection” after its recent rally. PayPal — Shares of the fintech company rose 2% after Bank of America upgraded the stock to buy from neutral. The firm cited increased turnaround progress a year after some management changes. — CNBC’s Fred Imbert, Jesse Pound, Lisa Kailai Han, Sean Conlon, Samantha Subin, Michelle Fox and Hakyung Kim contributed reporting.
