A look at companies in the spotlight before the market opens: CrowdStrike — The cybersecurity stock fell 4% after Guggenheim downgraded CrowdStrike to Neutral from Buy, saying the company is unlikely to get through a global outage unscathed. Nvidia — Shares rose 2% after Reuters reported, citing people familiar with the matter, that Nvidia is preparing a version of Blackwell’s new chip for the Chinese market. The chip will comply with current U.S. export controls, the paper said. Bank of America — Shares of the bank fell more than 1% in premarket trading after documents showed Warren Buffett’s Berkshire Hathaway sold 33.9 million shares of Bank of America for about $1.5 billion last week. Berkshire will still own a 10.8% stake after the sale, making it Bank of America’s largest shareholder. Bank stocks have risen 27.4% so far this year, so Berkshire may be taking profits.Verizon — Communications stocks fell 3% after Verizon reported weaker-than-expected quarterly earnings. The company reported second-quarter sales of $32.8 billion, below the FactSet consensus estimate of $33.05 billion. Adjusted earnings per share were $1.15, in line with expectations. Abercrombie & Fitch — Retail stocks rose more than 3% after JPMorgan upgraded Abercrombie & Fitch to overweight from neutral, citing strong demand for the brand due to improved marketing in recent years. Truist Financial — Banking stocks fell 1% after second-quarter profits fell from a year ago, hurt by weaker loan demand due to lower net interest income and losses on securities sales. The bank said adjusted noninterest expenses rose due to higher labor costs and professional fees. APPLE — Wells Fargo raised its price target on Apple to $275 from $225, sending the stock up 1% ahead of the company’s earnings release, raising expectations for a 20% or higher upside. The Wall Street firm said its Apple Intelligence expects the iPhone maker to drive a “significant upgrade cycle.” — CNBC’s Alex Harring and Yun Lee contributed to this report.
Biggest movers in premarket trading: CrowdStrike, Nvidia, and more
