Pre-market Trading: CrowdStrike, Rivian, and Micron Lead Gains Amid Upgrades and M&A Activity
Early market activity shows significant gains across several sectors driven by analyst upgrades and corporate developments. Cybersecurity firm CrowdStrike (CRWD) rose 3.4% following a Deutsche Bank upgrade, while electric vehicle manufacturer Rivian (RIVN) climbed 3.8% after UBS identified a buying opportunity ahead of its R2 SUV production ramp. The semiconductor sector saw broad recovery as memory stocks like Micron (MU) and Western Digital (WDC) rose approximately 2%, signaling renewed investor interest in AI-related hardware. Additionally, Marvell Technology (MRVL) shares increased by 3% following the announcement of an all-stock acquisition deal for Lumentum valued at $115 billion. In the consumer sector, Estée Lauder (EL) outperformed expectations with a fiscal first-quarter profit of 72 cents per share on $3.72 billion in revenue, leading to an upward revision of its full-year earnings outlook.