Welcome to Extreme Investor Network, where we bring you the latest updates on the companies making headlines in the world of finance. Today, we are diving into the premarket trading activity of some key players in the market.
Chip stocks are taking a hit, with Nvidia shares falling roughly 12.5% as the artificial intelligence trade unwinds. This decline is dragging down once-hot semiconductor plays like Broadcom, Super Micro Computer, and Arm Holdings.
Another big player in the market, Apple, saw its shares sink more than 6% after Warren Buffett’s Berkshire Hathaway revealed it sold nearly half its stake in the tech giant. This news, coupled with a global market sell-off, led to declines in other tech stocks like Meta, Amazon, Tesla, and Microsoft.
In the electric vehicle sector, Lucid’s stock pulled back about 8% ahead of the company’s second-quarter results. Analysts are forecasting a loss of 27 cents per share for the quarter on $190.3 million in revenue.
On a more positive note, snack food stock Kellanova jumped 21% on reports of potential acquisition discussions with candy maker Mars. If the deal goes through, Kellanova could be valued at around $30 billion.
In the crypto world, stocks tied to the price of bitcoin took a hit as the cryptocurrency dropped below $50,000 for the first time this year. Companies like Coinbase, MicroStrategy, Marathon Digital, and Robinhood, which has a crypto trading business, all saw declines in premarket trading.
Finally, software company Palantir’s shares plunged nearly 12.2% ahead of its earnings report. Analysts are expecting second-quarter revenue of $653.2 million, higher than the company’s forecast, and earnings of 8 cents per share.
Stay tuned to Extreme Investor Network for more updates on the fluctuating world of finance and investment opportunities. Remember, when it comes to making smart financial decisions, knowledge is power.