Check out the companies making headlines before the market opens. Crypto Stocks – Cryptocurrency-related stocks rose as Bitcoin hit a new all-time high and topped $71,000. Coinbase and Microstrategy were up about 6% and 8%, respectively. Marathon Digital also rose 6%. PDD Holdings — U.S.-listed shares of the Chinese e-commerce company rose 4.5% after Jefferies upgraded the company to buy. Jefferies said concerns about geopolitical risks are now priced in and Temu should continue to gain market share. Duolingo — Shares of Duolingo rose more than 1% after JPMorgan Chase & Co. gave the online learning platform an overweight rating, citing “quality” revenue growth expectations. Xcel Energy — Shares of Xcel Energy rose about 2%. Barclays upgraded its rating on the natural gas company to “overweight,” highlighting the attractive discount to the share price and “catalyst path” ahead. Nvidia — The chipmaker fell about 1% after falling more than 5% Friday. This was the largest one-day drop since May 2023. New York Community Bancorp — Shares of New York Community Bancorp rose 1% in premarket trading. The move comes after the stock continued to trade volatilely after raising $1 billion last week, leading to a drop of more than 6% on Friday. Netflix – Shares of the streaming giant were up about 1% in premarket trading after Oppenheimer raised his price target and predicted gains of nearly 20% going forward. The company said Netflix’s dominance will “continue due to its clear advantage in producing high-engagement content”. Applied Materials – The semiconductor maker raised its quarterly dividend 25% to 40 cents per share from 32 cents per share. However, shares fell 0.6%. Procter & Gamble — Shares of the consumer products maker edged higher after Truist upgraded the company to buy from hold. P&G’s China business is starting to show signs of improvement, the company said. —CNBC’s Jesse Pond and Michelle Fox contributed reporting
