Stock futures declined Tuesday as Wall Street awaited the results of Georgia’s Senate runoff elections.
Here are some of the top movers during premarket trading on Tuesday.
1. Micron Technology MU | Up 3.09%
Shares of Micron (MU) – Get Report jumped in premarket trading after analysts at Citigroup published a “double upgrade” on the chipmaker just days ahead of its fiscal first-quarter earnings report.
Citigroup analyst Christopher Dan cited a “long-awaited upturn” in the market for dynamic random-access memory, or DRAM, semiconductors amid what he calls the “largest supply/demand imbalance since 2017.”
The stock also got price target boosts from Deutsche Bank and RBC Capital Markets.
2. Netflix NFLX | Down 0.1%
Streaming giant Netflix (NFLX) – Get Report fell in premarket trading after analysts at Benchmark reiterated a sell rating on the stock citing underperformance in 2021.
Benchmark analyst Matthew Harrigan said he doesn’t expect any upside surprises for member growth in the fourth quarter or through 2021, in large part because global subscriber growth already has become ubiquitous, evidenced by a steep slowdown in new subscribers in the third quarter and wide miss on earnings forecasts.
“Confidence in its streaming exceptionalism is fading somewhat,” he said.
Harrigan has a price target of $412 on the stock.
3. Mondelez MDLZ | Down 0.16%
Snack and beverage maker Mondelez (MDLZ) – Get Report reportedly is in talks to buy paleo chocolate-bar maker Hu Master Holdings for $340 million, The Wall Street Journal reported.
The deal could be announced this week.
4. Chinese Telco Stocks | Up 7%-12%
China’s three largest telecom majors surged Tuesday in Hong Kong after the New York Stock Exchange reversed its decision to delist the shares.
China Mobile (CHL) – Get Report, China Telecom (CHA) – Get Report and China Unicom (CHU) – Get Report each jumped after the Big Board in a statement late Monday said “it no longer intends to move forward with the delisting action.”
The NYSE cited “consultation with relevant regulatory authorities” for its reversal.