Check out the companies making headlines in pre-market trading. Synaptics — Shares of Synaptics rose 5.9% after the semiconductor company announced a partnership with Google for Edge AI. Through this partnership, Google’s machine learning core will be integrated into Synaptics’ Astra hardware. Nvidia — Shares of the chipmaker rose 1.7%, marking a strong start to the new trading year after becoming one of the best performers in 2024. Showing signs its rebound can be sustained. CHINA STOCKS — U.S.-listed Chinese stocks underperformed, with the iShares MSCI China ETF (MCHI) down 1.4%. Chinese stocks led losses in Asia as a purchasing managers’ index fell short of economists’ expectations. Xpeng Motors and JD.com also both fell more than 1%. CRYPTO STOCKS – Stocks rallied in relation to the price of Bitcoin as the cryptocurrency climbed back above $96,000 as investors shook off losses from the final trading day of 2024. Mining companies Mara Holdings, Riot Platforms and Bitdeer all rose more than 3%. Uber and Norwegian Cruise Line — Both stocks are trading higher after Goldman Sachs added both companies to its Conviction Buy list in January. Uber rose 1.4% and Norwegian Air rose 2.4%. Topgolf Callaway Brands — The golf stock rose 8.5% after Jefferies upgraded the stock to buy from hold. The company said the stock appeared oversold. It raised its price target to $13 from $11, implying a 65% upside ahead. Cloudflare — Shares of the cloud-based cybersecurity company rose 5.6% after Goldman Sachs upgraded the stock to buy from sell. The company also nearly doubled its price target, citing “several positive catalysts” heading into 2025, including increased sales and marketing productivity and edge computing solutions. US Bancorp — Shares of the bank rose 1.8% after DA Davidson upgraded the bank to buy from neutral. The bank is “turning things around” and operating leverage should return to levels above 0.5%, the company said. RTX — Shares of the stock rose 1.5% after Deutsche Bank upgraded the stock to buy from hold and raised its price target. The Wall Street firm said the defense company, formerly known as Raytheon Technologies, “has a better earnings compound story” than peers. The price target was raised to $140 from $131, implying an upside of more than 20% from Tuesday’s closing price. —CNBC’s Tanaya Macheel, Sarah Min, Pia Singh and Michelle Fox contributed reporting
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