Check out the companies making headlines in pre-market trading. Chip Stocks — Some of the largest semiconductor stocks were lower after Bloomberg News reported that the Biden administration is considering tighter trade restrictions amid concerns that U.S. companies are giving China too much access to domestic semiconductor technology. Nvidia shares fell 4.4%, while TSMC and AMD fell 4.7% and 4.1% respectively. Shares of ASML, which sells semiconductor equipment for chipmakers, fell more than 8% on news that overshadowed better-than-expected quarterly results. The VanEck Semiconductor ETF (SMH) fell nearly 4%. Under 50% Off – Shares of the discount retailer plunged more than 15% after the company slashed its second-quarter forecast and announced the departure of CEO Joel Anderson. After the news broke, numerous Wall Street firms including Evercore ISI, Morgan Stanley, Truist and Mizuho Securities downgraded their ratings to “below five”. U.S. Bancorp — Shares of U.S. Bank rose more than 1% after the bank beat second-quarter profit expectations. US Bancorp reported earnings of 97 cents per share, compared with StreetAccount’s forecast of 94 cents per share, according to FactSet. JB Hunt Transport Services — Shares of JB Hunt Transport Services fell about 3% after the trucking company’s second-quarter results fell short of Wall Street expectations. The company reported earnings of $1.32 per share on revenue of $2.9 billion, while analysts polled by FactSet forecast earnings of $1.48 per share on sales of $3 billion. The company also noted that insurance and equipment costs increased despite cutting operating expenses. VF Corporation — Shares of eyewear group EssilorLuxottica rose 6.8% after the company said it agreed to acquire the Supreme brand from VF Corporation for $1.5 billion in cash. The transaction will be completed by the end of 2024. Omnicom’s earnings per share, excluding items, were $1.95, in line with analysts’ forecasts polled by FactSet. The company’s revenue of $3.85 billion beat estimates of $3.83 billion. GitLab, Datadog – The DevOps software company is considering a sale after receiving takeover interest from companies including Datadog, sending its shares soaring more than 14%, Reuters reported. The latter’s shares fell more than 3%. Johnson & Johnson – Shares fell slightly after disappointing full-year profit guidance. The company expects earnings per share of $9.97 to $10.07, down from previous guidance of $10.57 to $10.72. Analysts polled by FactSet expected a price guide of about $10.45 per share. —CNBC’s Sarah Min and Jesse Pound contributed reporting
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