Stocks making the biggest moves premarket: IBM, QCOM, ORCL, UUUU
Check out the companies making headlines before the bell: IBM — The legacy tech stock was a bright spot in the broader sector selloff, rising more than 4% following an upgrade to overweight at JPMorgan . “Software continues to drive better recurring revenue, margins, profitability, and cash flow,” analysts at the bank said. AMC Entertainment — The movie theater chain tumbled, falling 21%, after the company said it’s entered a definitive agreement with certain institutional investors for the sale of 95.3 million shares of AMC common stock, amounting to roughly $200 million. The stock last closed at $2.76. Qualcomm — The semiconductor stock slid 6% after Bloomberg News, citing people familiar, reported that Qualcomm is in advanced talks to acquire AI software infrastructure company Modular in a deal valued at about $4 billion. Oracle — Oracle was not immune to the global tech selloff, with shares falling 2% after the software giant said in a regulatory filing that it cut 21,000 jobs, or almost 13% of its workforce , over the past year. Energy Fuels — Shares dipped nearly 1% after the global critical mineral company announced a definitive agreement to acquire VAC, an advanced magnetics company. Primoris Services — The specialty contractor and engineer firm tumbled 36% after the company lowered guidance on additional renewables cost overruns and delays, and announced the departure of its COO. Edgewell Personal Care — Shares jumped more than 9% following a Bloomberg News report, citing people familiar, that said the consumer goods company rejected an unsolicited takeover offer at $30 a share from private equity firm Yellow Wood Partners. The board considered the offer too low, the report said. Avis Budget Group — Shares gained nearly 6% after the vehicle rental and mobility services company said in a filing it reached a $650 million cash settlement with Pentwater Capital. — CNBC’s Fred Imbert contributed reporting
