See the companies making headlines before the bell. GameStop — Shares of GameStop rose more than 37% in premarket trading after releasing “Roaring Kitty” for the first time in about three years. The post, a photo on – Shares jumped 3.4% following a Nikkei report that the chip company plans to launch its first artificial intelligence chips next year. Arm hopes to build the prototype by spring 2024, according to the report. Nvidia — Shares of Nvidia rose about 1% after Jefferies raised its price target on the chipmaker to $1,200 per share, implying an upside of about 34%. “We think it’s still too early to sort the winners and losers in the AI basket, but NVDA is our favorite,” wrote analyst Blayne Curtis. Intel — The chipmaker rose 1.1% after The Wall Street Journal reported that Intel was in talks for an $11 billion deal with Apollo Global Management to build a factory in Ireland. Kenvue — Shares fell nearly 2% after Kenvue announced 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 — Shares of the website platform company jumped more than 12% after announcing a 6 privatization deal, $9 billion. Squarespace announced Monday morning that it would be sold to private equity firm Permira for $44 per share, a 15.2% premium to Friday’s close. Penn Entertainment — Sports betting stock fell 2.3% after Bank of America downgraded its shares to neutral, saying it viewed Penn as a “profound turnaround in value” rather than a growth opportunity, which which was his original point of view. The company’s deteriorating balance sheet was also a concern for the stock, according to the firm. Airline Stocks — Shares of United, Delta and American Airlines rose 0.6% after HSBC initiated coverage with buy ratings. HSBC touted Delta as its preferred stock in the sector. Demand for international travel and a rebound in business travel will support stocks, the company said. SolarEdge — Shares fell 0.9% after Susquehanna lowered its stock rating from neutral to positive. Following the solar company’s larger-than-expected first-quarter losses and weak revenue guidance, Susquehanna said gross margins remain under pressure. Incyte — The biopharmaceutical company jumped more than 5% Monday after approving a $2 billion stock repurchase program. — CNBC’s Samantha Subin, Jesse Pound, Michelle Fox, Pia Singh and Fred Imbert contributed reporting.
