Check out the companies making headlines in pre-market trading: Broadcom — Shares of the semiconductor maker rose nearly 17% after the company’s fiscal fourth-quarter profit beat expectations. did. CEO Hock Tan said Broadcom is developing custom artificial intelligence chips with three major cloud customers. The company also announced that its AI revenue more than tripled in the same year. RH — The luxury furniture retailer’s stock soared 13% in premarket trading after the company raised its future outlook. RH expects sales to increase 18-20% year-on-year in the fourth quarter, citing “accelerating demand.” The company turned profitable in the third quarter as well. Tesla — The electric car maker rose 1% after Reuters reported that President-elect Donald Trump’s team recommended scrapping car accident reporting rules. Tesla has reported the most crashes under the program, a requirement disliked by CEO Elon Musk, according to Reuters. Norwegian Cruise Line — Cruise shares soared 2.6% after Barclays upgraded the company to overweight. “We like NCLH given its high beta, exposure to transatlantic travel within a year, and expected strong overseas demand from the U.S. as the macro environment accelerates again,” the bank said. “There is,” he said. Penn Entertainment — The online sports betting stock soared 5.8% after JPMorgan upgraded the stock to overweight from neutral. The bank said it sees a path to future aggregate growth as Penn Entertainment’s capital projects begin to bear fruit. SIENA — Network equipment companies rose nearly 2% in a day after posting their best performance since August 2023. Shares closed 15% higher on Thursday after Ciena posted strong first-quarter and fiscal 2025 earnings, even though the company’s profits fell short of Wall Street expectations. . On Friday, Bank of America upgraded the stock from neutral to buy, citing stable demand and accelerating momentum in cloud and AI. Upstart Holdings — Shares of the lending platform rose more than 4% after an upgrade from hold to buy on Needham. The investment firm said Upstart “achieved an appropriate balance of financing” and strengthened its balance sheet. CENTENE — Healthcare stocks rose 1.4% after UBS upgraded the stock to buy from neutral. UBS said the stock price was “too low to ignore”. TaskUs — Outsourcing stocks rose 6.8% after Morgan Stanley upgraded the stock from equal weight to overweight. The bank said TaskUs should benefit from AI and has both “industry-leading” margins and a “competitive moat.” Canadian Solar — The renewable energy stock rose 2% after Mizuho opened with an Outperform rating. Mizuho believes investors are not fully pricing in the growth value of its energy storage business. PayPal — The financial technology stock rose 1.8% after Wolf Research upgraded the stock to outperform its peers. Wolf said he sees upside potential to Wall Street’s expectations. Salesforce, ServiceNow — Salesforce stock rose 2%, while ServiceNow fell 1.1%. The move comes after KeyBanc Capital Markets released its 2025 stock outlook for enterprise software, upgrading Salesforce to overweight and lowering ServiceNow to sector weight. The company said there was still “room for improvement” at Salesforce, which rebounded this quarter on a series of positive news about its AI products. The company said ServiceNow is an “early AI leader” but currently has “little upside.” —CNBC’s Pia Xin, Michelle Fox, Lisa Kai-Lai Han, Yun Li, Sarah Ming and Jesse Pound contributed reporting.
AVGO, RH, TSLA etc.
