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Tech Stocks to Watch: AAPL, META, MU, PACW, and Others

AAPL, META, MU, PACW and more

AAPL, META, MU, PACW and more

Apple, Meta, and Micron Technology were among the companies making headlines in premarket trading on Monday.

Shares of Apple fell about 1% after Loop Capital downgraded the tech giant’s stock to hold from buy, predicting that the company will fall short of its June quarterly revenue guidance.

Meta, formerly known as Facebook, saw its shares dip more than 1% after European privacy regulators fined the company a record 1.2 billion euro ($1.3 billion) over the transfer of EU user data to the U.S. The Irish Data Protection Commission also told Meta to suspend “any future transfer of personal data” to the U.S. Meta said it would appeal the decision and the fine.

Meanwhile, shares of Micron Technology sank more than 4% after China’s Cyberspace Administration barred operators of “critical information infrastructure” in China from purchasing products from Micron. Other chip stocks also fell, with Advanced Micro Devices shedding 1.4% and Nvidia slipping nearly 1%.

Regional bank PacWest saw its shares rise 3.5% before the bell after selling $2.6 billion worth of construction loans to a Kennedy-Wilson Holdings subsidiary.

Sports betting stock DraftKings rose about 3% before the bell after UBS upgraded shares to a buy from neutral rating, saying that expansion into new markets should fuel growth.

Railroads Norfolk Southern and CSX both saw upgrades from Citi, with Norfolk Southern upgraded to buy from neutral and CSX upgraded to buy.

Shares of pharmaceutical company Catalent declined 2.5% after being downgraded by JPMorgan to neutral from overweight on Friday, citing current productivity issues and macro headwinds among its reasons.

FAQs:

What caused Apple’s stock to fall in premarket trading on Monday?

Apple’s stock fell in premarket trading on Monday after Loop Capital downgraded the tech giant’s stock to hold from buy, predicting that the company will fall short of its June quarterly revenue guidance.

Why was Meta fined by European privacy regulators?

Meta, formerly known as Facebook, was fined a record 1.2 billion euro ($1.3 billion) by European privacy regulators over the transfer of EU user data to the U.S. The Irish Data Protection Commission also told Meta to suspend “any future transfer of personal data” to the U.S. Meta said it would appeal the decision and the fine.

Why did Micron Technology’s shares drop in premarket trading on Monday?

Micron Technology’s shares dropped in premarket trading on Monday after China’s Cyberspace Administration barred operators of “critical information infrastructure” in China from purchasing products from Micron. Other chip stocks also fell, with Advanced Micro Devices shedding 1.4% and Nvidia slipping nearly 1%.

Which company saw its shares rise before the bell after selling $2.6 billion worth of construction loans?

Regional bank PacWest saw its shares rise 3.5% before the bell after selling $2.6 billion worth of construction loans to a Kennedy-Wilson Holdings subsidiary.

AAPL, META, MU, PACW and more
AAPL, META, MU, PACW and more

AAPL, META, MU, PACW, and other stocks

Technology giant Apple saw its shares fall approximately 1% to hold from buy, after Loop Capital downgraded its stock on Monday. The firm predicted that Apple will not meet its quarterly revenue guidance for June. Meanwhile, social media company Meta’s shares dipped more than 1% in pre-market trading after it was fined €1.2bn ($1.3bn) by European privacy regulators over the transfer of European Union user data to the United States. The Irish Data Protection Commission also ordered Meta to suspend any future transfer of personal data to the US. In a reversal of fortunes, sports betting firm DraftKings saw its stock prices rise about 3%, after UBS upgraded its rating for the stock to buy from neutral.

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