Premarket Movers | Chip, Storage Shares Drop with SOXL, SanDisk Down 2%; Cloud Service Stocks Fall with Nebius, CoreWeave Down 3% Each; ServiceNow Jumps Another 3%

Tiger Newspress05-19 16:32

Chip, storage shares fell in premarket trading. SOXL, SanDisk, Wolfspeed, Microchip down around 2%; Seagate Tech, Western Digital down over 1%.

Cloud service stocks continued to fall in premarket trading after sharp declines in prior trading session. Nebius, CoreWeave down 3% each.

ServiceNow stock rallied another 2.88% after BofA Securities initiated coverage with a Buy rating and a $130 price target, representing a significant implied upside from the prior session’s close of $103.42.

The bank set its target based on 19 times its calendar year 2027 enterprise value-to-free cash flow estimate, describing ServiceNow as occupying a mission-critical position within enterprise workflows and arguing that its deep integration makes displacement costly — and that the company stands to benefit from new AI solutions rather than be replaced by them.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment