Stocks Rise and Fall in Premarket Trading Before Market Opens

NEW YORK, N.Y. — Major companies are making headlines ahead of the market opening today. Applied Digital shares surged 30% after the company reported an 84% increase in revenue for its fiscal first quarter compared to the same time last year.

Meanwhile, Stellantis, the French-Italian-American automaker, saw a 13% rise in third-quarter shipments. This increase prompted a 1.3% bump in shares during premarket trading, driven by new car models and strong demand in North America, indicating a recovery after several quarters of declining sales.

Synchrony Financial added 1% in premarket trading following an upgrade from HSBC. The financial services firm was upgraded from hold to buy, with HSBC identifying it as a preferred investment within consumer finance.

In contrast, Alibaba, the Chinese e-commerce giant, experienced a nearly 2% drop amid a broader sell-off in China, marking its sixth consecutive day of decline.

Doximity, a medical digital platform, saw its shares tumble nearly 5% after JPMorgan downgraded the stock from neutral to underweight. The downgrade was attributed to valuation concerns, a competitive market, and potential risks regarding advertising spending on digital pharmaceutical products.

Mosaic‘s stock fell over 9% following disappointing preliminary third-quarter volume results. The company faced unexpected mechanical issues at its Riverview sulfuric acid plant and utility interruptions at the Bartow facility in mid-September, impacting production significantly for the remainder of the month.

Levi Strauss also faced challenges, with shares dropping more than 7% after issuing weaker-than-expected earnings guidance for the fourth quarter. The denim maker projects earnings between 36 cents to 38 cents per share, while analysts had estimated earnings of 41 cents per share.