Pre-Market Movers: Honeywell, Crypto Stocks, and Oracle Lead the Pack
The pre-market session saw significant movements in various stocks, with Honeywell, crypto stocks, and Oracle being among the most notable. Honeywell, the industrial giant, fell 2% after announcing a one-time charge in the fourth quarter, which is expected to lower GAAP sales by $310 million and operating income by $370 million. This charge is tied to settlement talks with Flexjet. On the other hand, crypto stocks experienced a surge, with bitcoin gaining to trade back around $90,000, leading to increases in stocks like Strategy and Mara Holdings, which rose 2%, and Robinhood, which advanced 1.9%.
Crypto and Tech Stocks on the Rise
The crypto stock rally was accompanied by gains in tech stocks, with Oracle being a notable example. The software giant gained 2% after Wells Fargo reiterated its overweight rating on the stock, citing a potential 50% upside from Friday’s close. This optimism is based on the expectation that investors should buy the dip, according to Wells Fargo’s analysis. Additionally, Nvidia, the artificial intelligence chip darling, rose nearly 2% after reports emerged that the company intends to start shipping its H200 chips to China by mid-February, although the timeline may be subject to change based on government decisions.
Other Notable Movers
Other stocks that made significant moves include Ollie’s Bargain Outlet, which rose more than 1% after getting an upgrade to buy from hold at Loop Capital. The firm believes investors are underestimating Ollie’s ability to perform well in the future. Marvell Technology also saw its shares move 2.2% higher after Citi added a positive catalyst watch on the chipmaker, expecting Marvell to highlight growing adoption of scale-up networking at CES in January. Furthermore, Warner Bros. Discovery shares rose more than 3% after Paramount Skydance guaranteed Larry Ellison’s backing for an amended offer for the HBO parent.
Smart Tip for Readers
When tracking pre-market movers, it’s essential to consider the underlying factors driving these movements, such as earnings reports, regulatory filings, and market trends, to make informed decisions. For more information on these and other market movements, visit Here
