Oracle, Intel, Applied Materials, Alcoa and more
Check out the companies making the biggest moves in premarket trading: Intel — The semiconductor company was double upgraded to buy from underperform at Bank of America, which cited the rising demand for central processing units amid the increasing focus on agentic artificial intelligence. Shares jumped nearly 5%. Oracle — Shares tumbled 8% after the software giant shared plans to raise an additional $20 billion in equity and debt to pay for its AI buildout. However, the company reported an overall beat on both the top and bottom lines and raised its adjusted profit forecast for the year. Chip equipment stocks — Oracle’s higher capital expenditure spending plans sent chip equipment stocks higher. Applied Materials and Lam Research both climbed nearly 5%, while KLA rose 4% and ASML Holding added more than 3%. Navan — The stock popped 19% after the travel management platform guided for second-quarter and full-year revenue that came in above FactSet’s forecasts. Navan also reported a first-quarter non-GAAP earnings and revenue beat. Alcoa — The aluminum company added 2% following its 9.5% drop in the prior session. Morgan Stanley said the pullback Wednesday, due to pressure in Alcoa’s alumina business, was “overdone” and reiterated its buy rating on the stock. — CNBC’s Lisa Kailai Han contributed reporting.
