Several major U.S. and international stocks were making notable moves in premarket trading as investors reacted to a Reuters report, analyst rating changes and updated company guidance.
Shares of SK Hynix and Intel rose more than 2.5% after Reuters reported that SK Hynix was in talks with Intel to manufacture memory chips in the U.S. for the first time. SK Hynix later said no decisions had been made regarding any partnership with Intel.
J.B. Hunt Transport Services moved sharply lower, with the stock down more than 11%. The transportation and logistics company warned that third-quarter earnings could fall by 5% to 10% from the previous three-month period. J.B. Hunt said the decline was tied to internal adjustments reflecting higher rates for purchased transportation.
Expedia fell more than 2.5% after Morgan Stanley downgraded the stock to underweight. Analysts at the bank said the shares offer a weak risk-reward profile, especially given the company’s greater exposure to a potentially weaker consumer.
Energy names also came under pressure. U.S. oil prices dropped 2% after a report said energy inventories increased last week. Diamondback Energy fell almost 4%, Occidental Petroleum slipped 1%, while ExxonMobil and Devon Energy were both down nearly 1%.
Paychex gained more than 1% after Wolfe Research upgraded the stock to peer perform. Analysts said the current macroeconomic backdrop supports the company’s revenue growth outlook, and that its tilt toward blue-collar workers gives it some protection from AI-related job losses.
Union Pacific added 1.5% after UBS upgraded the freight carrier to buy. Analysts at the bank said they expect strong volume growth to drive better-than-expected earnings through 2028.
