Micron Technology Headquarters Boise, Idaho, March 28, 2021.
Jeremy Erickson | Bloomberg | Good pictures
Check out the companies making headlines in premarket trading.
Micron Technology – Shares rose more than 6% following news that Samsung Electronics plans to cut memory chip production. Many Wall Street analysts said the move could accelerate a recovery in the memory chip industry.
Pioneer Natural Resources – Shares rise 7% after bell The Wall Street Journal reported ExxonMobil held informal talks to buy Pioneer. Exxon shares fell 0.6%.
Tesla – The electric vehicle stock fell nearly 2% before the hour. Tesla says it plans to build a “megapack” battery factory in Shanghai and plans to cut vehicle prices again.
Shares fell more than 3% after First Republic-Regional Bank halted dividend payments on preferred stock.
Taiwan Semiconductor Manufacturing – US-listed shares of Taiwan-based semiconductor stocks fell nearly 1% before the bell after the company reported a monthly drop in earnings.
Capital One Financial – Shares of the financial firm fell more than 4% in premarket trading after Capital One filed a filing saying Walmart is ending its credit card partnership. Capital One said in a filing that Walmart is suing to end the deal, while Capital One says the retail giant has no right to terminate the deal early.
Block – Square and Cash App parent lost nearly 2% in the premarket, followed by KBW’s outperformance of the market. The company said it was feeling pressure from a growing list of minor risks.
— CNBC’s Alex Haring and Jesse Pound contributed reporting