Premarket Movers | Chip Stocks Drop With SOXL Down 8%; Marvell Technology Sinks 9%; Lumentum Gains 4%; Instacart Jumps 6%

Tiger Newspress16:22

Lumentum gained 4.4%, while Marvell Technology sank 9.1% after Bloomberg reported that semiconductor giant Marvell Technology is in advanced talks to acquire optical networking company Lumentum in what is being described as an AI-related megadeal, with a deal potentially set to be announced as soon as next week.

Instacart shares jumped 6.1% in premarket trading. DoorDash, the food delivery provider in talks to take over Instacart, moved its earnings release date forward by almost a week. DoorDash is in advanced talks to acquire Instacart parent Maplebear for roughly $17 billion, people familiar with the matter said this week. A deal for the grocery app could be announced as soon as this week, said the people. No final decision has been made and discussions could fall through.

Chip stocks dropped in premarket trading. Direxion Daily Semiconductors Bull 3x Shares fell 8%; SanDisk, Seagate, Intel, Western Digital, and Micron fell 4%; AMD, Broadcom, TSMC, and SK hynix fell 3%.

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