Stocks making the biggest moves premarket: Coinbase, PDD Holdings, Duolingo and more
Check out the companies making headlines before the bell. Crypto stocks — Stocks connected to cryptocurrencies rose as Bitcoin hit a fresh record high and topped $71,000. Coinbase and Microstrategy rose about 6% and 8%, respectively. Marathon Digital also rose 6%. PDD Holdings — U.S.-listed shares of the Chinese ecommerce company added 4.5% following an upgrade by Jefferies to buy. Concerns about geopolitics risks are now priced in and Temu should continue to gain market share, Jefferies said. Duolingo — Duolingo shares rose more than 1% after JPMorgan initiated coverage of the online learning platform with an overweight rating, citing expectations for "premium" revenue growth. Xcel Energy ­— Xcel Energy shares added‎ about 2%. Barclays upgraded the natural gas company to overweight, highlighting the attractive discount for shares and a "catalyst path" ahead.‏ Nvidia — The chipmaker fell about 1%, building on its more than 5% loss from Friday's session. That was its biggest one-day loss since May 2023. New York Community Bancorp — Shares of the regional bank ticked up 1% in premarket trading. This comes after a decline of more than 6% on Friday as the stock continues volatile trading after a billion dollar capital raise last week. Netflix — Shares of the streaming giant rose about 1% in the premarket after Oppenheimer raised its price target, calling for nearly 20% upside going forward. The firm said Netflix's dominance will "continue, given its clear advantage in producing high-engagement content." Applied Materials — The semiconductor manufacturer raised its quarterly dividend by 25% to 40 cents per share from 32 cents per share. Shares were down 0.6%, however. Procter & Gamble — Shares of the consumer goods maker rose slightly after an upgrade to buy from hold by Truist. The firm said Procter's China business is starting to show signs of improving. — CNBC's Jesse Pound and Michelle Fox contributed reporting