By Joe Woelfel
Stock futures were rising Monday, pointing to a second consecutive session of gains after Wall Street closed higher Friday and ended a five-day losing streak.
These stocks were poised to make moves Monday:
Super Micro Computer was up 2.8% in premarket trading after shares of the maker of artificial-intelligence servers jumped 11% on Friday, ending a losing streak of five sessions. The stock received a boost from an announcement by Microsoft that it planned to spend $80 billion in its current fiscal year ending in June to develop AI data centers.
Microsoft gained 0.9% in premarket trading after rising 1.1% on Friday following a blog post from Microsoft President Brad Smith that said the company would be building out AI-enabled data centers that train models and run AI applications globally. More than half of the spending would be in the U.S.
Nvidia, the leading maker of AI chips, rose 2.1% in premarket trading, extending Friday's gains of 4.5%. Nvidia, like other chip makers such as ASML, up 5.5%, Advanced Micro Devices, up 2.9%, and Micron Technology, up 4%, rose after Foxconn, a supplier to companies such as Nvidia and Apple, posted record revenue in the fourth quarter.
Shares of MicroStrategy rose 2.4% after the world's largest corporate holder of Bitcoin said it was targeting a capital raise of up to $2 billion from a perpetual preferred stock offering to continue to strengthen its balance sheet and acquire more of the world's largest cryptocurrency.
Plug Power closed 13% higher on Friday and was up an additional 8.8% in premarket trading after the Treasury Department issued new rules that would allow clean hydrogen companies to qualify for tax breaks if they capture and store carbon from the hydrogen production, or if they use clean electricity to make it. Bloom Energy, which rose 4.1% on Friday, gained 0.8% in premarket trading.
VeriSign rose 2.7% after Berkshire Hathaway bought about $4 million more stock of the internet domain-name registry company. The small recent buys of about 20,000 shares were made at an average price of nearly $205 a share, according to a regulatory filing. Berkshire Hathaway now owns 13.3 million shares of Verisign, a roughly 14% stake worth about $2.7 billion.
T-Mobile declined 1.7% in premarket trading to $215.30. Wells Fargo analysts downgraded the telecommunications company to Equal Weight from Overweight and reduced their price target on the stock to $220 from $240, the Fly reported.
Commercial Metals is scheduled to report first-quarter earnings on Monday.
Reports are expected later this week from Delta Air Lines, Cal-Maine Foods, Jefferies Financial, Albertsons, Infosys, Constellation Brands, Walgreens Boots Alliance, KB Home, and Tilray Brands.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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(END) Dow Jones Newswires
January 06, 2025 06:32 ET (11:32 GMT)
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