Target
Shares of the retailer declined nearly 2% following a downgrade from Bank of America to “underperform.” The bank cited a deteriorating long-term outlook as the company falls behind its peers. The news comes as Target and Ulta Beauty also announced the end of their retail partnership.
UnitedHealth
The health insurer’s stock surged 11% in premarket trading after several high-profile investors disclosed significant new stakes. Warren Buffett’s Berkshire Hathaway revealed a $1.6 billion position, while “Big Short” investor Michael Burry and Appaloosa Management’s David Tepper also reported sizable investments. If the gains hold, it would mark the stock’s best single-day performance in five years.
Applied Materials
The semiconductor equipment manufacturer’s shares tumbled approximately 14%. The drop was triggered by a current-quarter forecast that fell short of analyst estimates, overshadowing fiscal third-quarter earnings and revenue that surpassed Wall Street expectations.
Intel
Shares of Intel rose over 3%, extending a 7% gain from the previous session. The rally followed a Bloomberg report that the Trump administration is in discussions to acquire a stake in the chipmaker to help finance new factories being built in Ohio.
Sandisk
The data storage provider’s stock dropped nearly 11% after the company reported its fourth-quarter non-GAAP gross margin fell to 26.4%, down from 36.4% a year earlier.
Rivian
The electric vehicle maker’s shares edged down 1%. According to The Wall Street Journal, Rivian is facing a $100 million revenue delay on regulatory credit contracts due to the rollback of fuel economy standards under the Trump administration.
Hims & Hers
Shares of Hims & Hers fell 2.7% on a Bloomberg report that the Federal Trade Commission is investigating the company’s business practices. The probe is reportedly focused on whether the telehealth firm makes it overly difficult for customers to cancel their subscriptions.
