Check out the companies making headlines in pre-market trading. Spotify — Shares of the music platform rose more than 2% after Wells Fargo named Spotify its top stock. Analyst Steven Cahall is particularly bullish on the company’s rising profits, strong product portfolio and growing record label relationships. The bank currently has an outperform rating on the stock. Robinhood — The stock rose 2%. On Monday, the retail investment firm announced that users can trade Kamala Harris or Donald Trump contracts ahead of the 2024 presidential election. Users must meet certain conditions, including becoming a U.S. citizen. BOEING – Shares of Boeing Co. fell about 2% after the plane maker launched a stock offering that could raise about $19 billion. The move is aimed at strengthening the company’s financial position, which has been hit by worker strikes and a series of production and safety problems. Occidental Petroleum, Exxon Mobil, BP – Oil company shares edged lower as crude prices fell after finding that Iranian energy facilities were not damaged by Israeli attacks on Iranian military facilities over the weekend. Citi analysts said the Israeli attack likely would not escalate the situation and disrupt oil supplies. Occidental Petroleum, Exxon Mobil and BP all fell more than 2%. McDonald’s – The fast-food chain said its Quarter Pounder burger will return to about 900 restaurants this week after it was pulled from shelves due to a deadly E. coli outbreak, sending shares up 1%. For the foreseeable future, these locations will be offering burgers without onion slices, which are believed to be the source of the outbreak. McDonald’s shares fell more than 7.5% last week, marking their worst weekly performance since 2020. TSMC — Taiwan Semiconductor Manufacturing Co. suspended shipments to a Chinese chip designer after chips produced by the company were found to be present on a chipmaker’s wafers, sending the chip maker’s shares down 2%. In 2020, the United States restricted Huawei from purchasing this technology due to national security concerns. ON Semiconductor — Shares of ON Semiconductor rose more than 3% after the semiconductor products maker reported third-quarter adjusted earnings of 99 cents per share on revenue of $1.76 billion. Those results beat expectations of analysts polled by FactSet, who forecast earnings of 97 cents a share on revenue of $1.75 billion. Tesla — The electric car maker’s earnings trend will be closer to that of other “Big Seven” companies this quarter and outperform next year after Canaccord Genuity raised its price target on the stock. The company’s share price edged up 0.7%. NIO — Shares of NIO rose more than 2% after Macquarie upgraded the Chinese automaker’s performance to outperform from neutral. increase. Delta Air Lines — Shares of Delta Air Lines rose 2% after it sued CrowdStrike on Friday, alleging breach of contract and negligence after a power outage in July caused the cancellation of 7,000 flights. —CNBC’s Sarah Min, Alex Harring, Lisa Kailai Han, Sean Conlon and Michelle Fox contributed reporting.
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