Check out the companies making headlines before the market opens. GameStop – Shares of GameStop jumped more than 37% in pre-market trading following the release of Roaring Kitty for the first time in about three years. The post, a photo on X of a video gamer leaning forward in his chair to show he is taking the game seriously, is Roaring Kitty’s first post on the platform or Reddit since 2021. — Shares rose 3.4% Nikkei reported that the chip company plans to launch its first artificial intelligence chip next year. Arm reportedly hopes to build a prototype by spring 2024. Nvidia — Shares of Nvidia rose about 1% after Jefferies raised its price target on the chipmaker to $1,200 per share, implying a gain of about 34%. “We think it’s too early to sort out the winners and losers in AI, but NVDA is our favorite,” analyst Blayne Curtis wrote. Intel — WSJ reports Intel is in talks with Apollo Global Management The chipmaker’s shares rose 1.1% after negotiating an $11 billion deal to build a factory in Ireland. Kenvue — Shares of Kenvue fell nearly 2% after the company announced that Johnson & Johnson would sell its 9.5% stake in the company. The consumer health company completed its spinoff from Johnson & Johnson in May 2023. Squarespace said Monday morning it would sell to private equity firm Permira for $44 a share, a 15.2% premium to Friday’s closing price. Penn Entertainment — The sports betting stock fell 2.3% after Bank of America cut its rating on the stock to “neutral” from “buy,” saying the bank sees Penn as a “deep value shift” beyond its original view. Opportunities for growth. The company said a deterioration in the company’s balance sheet was also a concern for the stock. Airline stocks – Shares of United Airlines, Delta Air Lines and American Airlines rose 0.6% after HSBC issued a buy rating. HSBC lists Delta as a preferred stock in the industry. The company said demand for international travel and a rebound in business travel will support the stock. SolarEdge — Shares fell 0.9% after Susquehanna downgraded the stock to neutral from positive. Susquehanna said gross margins remained under pressure after the solar company lost more than expected in the first quarter and provided weak revenue guidance. Incyte – The biopharmaceutical company’s shares rose more than 5% on Monday after it approved a $2 billion stock buyback plan. —CNBC’s Samantha Subin, Jesse Pound, Michelle Fox, Pia Singh and Fred Imbert contributed reporting.
