TKO

Premarket movers:

Magnificent Seven stocks are mostly lower: Apple (AAPL) slips 1% after after Loop Capital Markets downgraded the stock to hold, citing iPhone shipment reductions (Amazon (AMZN) -0.2%, Microsoft (MSFT) +0.4%, Tesla (TSLA) -0.4%, Alphabet (GOOGL) -0.3%, Nvidia (NVDA) -0.7%, Meta Platforms (META) -0.8%, Apple (AAPL) -1%)

3M (MMM) rises 1.4% higher after topping Wall Street’s profit estimates and raising its full-year outlook for the second straight quarter.

Alvotech (ALVO) jumps 7.4% after the US Food & Drug Administration approved a new manufacturing process for the drug Simlandi.

Arhaus (ARHS) rises 4% after Piper Sandler upgraded the furniture company to overweight, writing that “a positive business inflection appears to be underway.”

AST SpaceMobile (ASTS) falls more than 2% after Viasat petitioned the FCC to reject the company's request for additional overseas spectrum authority

CoreWeave (CRWV) falls over 3% even after Cathie Wood's ARK bought the dip on Monday; the stock had rallied yesterday after Goldman upgraded it to Buy

General Motors (GM) falls 7% after narrowing its full-year profit forecast.

Halliburton (HAL) rises 3.7% after the oilfield services company reported third-quarter adjusted earnings per share that beat the average analyst estimate as drilling and evaluation revenue was higher than expected. The company also forecast mid-single digit revenue growth for 2027.

Hertz (HTZ) climbs 7.1% after Oro Mobility, which is backed by the car rental company, secured an $80 million strategic equity investment from a consortium of investors, including Cohen Private Ventures.

MSCI Inc. (MSCI) gains 6.5% after the index provider reported adjusted earnings per share for the third quarter that beat the average analyst estimate.

Nebius (NBIS) drops more than 2%, tracking weakness across AI-related stocks

NuScale Power (SMR) falls 7.2% after Barclays cut its recommendation on the nuclear reactor company to underweight as it sees risks from a lack of contracts.

Rapport Therapeutics’ (RAPP) soars 34% after the drug developer said a mid-stage trial of its experimental therapy for acute bipolar mania met the primary endpoint. Shares have since pared gains to 28%.

Solstice Advanced Materials (SOLS) gains 2.9% after the Financial Times reports that activist hedge fund Starboard Value has built a stake in the Honeywell spinoff, citing unidentified people familiar with the matter.

3M (MMM) in focus after signing a deal with Amazon that includes a warrant for 3.2 million shares, vesting up to $6 billion

Analyst actions: BlackRock (BLK) raised to Buy at TD Cowen; TKO raised to Buy at Arete; Prologis (PLD) raised to Buy at Freedom Capital; Trex (TREX) raised to Buy at Stifel; Live Nation (LYV) cut to Sell at CFRA; Werner (WERN) cut to Neutral at Baird; nVent (NVT) initiated Overweight at JPMorgan(Historical earnings: For 2026Q3 (period ended 2026-03-31), Microsoft reported basic EPS of 13.19, diluted EPS of 13.14, and net income of USD 97.983 billion. In the prior-year period (2025-03-31), basic EPS was 10.03, diluted EPS was 9.99, and net income was USD 74.599 billion. For 2026Q2 (period ended 2025-12-31), basic EPS was 8.91, diluted EPS was 8.87, and net income was USD 66.205 billion, versus basic EPS of 6.56, diluted EPS of 6.53, and net income of USD 48.775 billion in the prior-year period. Consensus expectations: For 2027Q1, consensus EPS estimate is 4.7234 and revenue estimate is USD 90.685 billion. For 2027Q2, consensus EPS estimate is 4.829 and revenue estimate is USD 95.590 billion.)