Stocks making the biggest moves premarket: DoorDash, Arm, PayPal and more

Market Insider

A DoorDash Inc. delivery bag sits on the floor at Chef Geoff’s restaurant in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images

Check out the companies making headlines in premarket trading.

PayPal – Shares of the payments giant fell more than 1% premarket after MoffettNathanson downgraded the stock to market perform from outperform and cut its price target 10 days before PayPal’s next CEO, Alex Chriss, is scheduled to take the helm. The firm said it’s excited about the new leadership, but that Chriss could have a challenging start after a difficult 18 to 24 months. MoffettNathanson sees the potential for further downside to its estimates.

DoorDash — Shares added nearly 2% after being upgraded by Mizuho Securities to buy from neutral on Sunday. The Wall Street firm said solid market share and strong consumer spending on food should help the delivery company surpass forecasts in the second half.

Micron Technology — The stock gained about 1.6% premarket after Deutsche Bank upgraded the memory and storage solutions company to buy from hold on Sunday, and also raised its target price. The firm said Micron’s pricing power with semiconductor direct random access memory is hitting an inflection point, and could push the company to beat first-quarter expectations.

Arm Holdings — Shares of the semiconductor company fell 3.7% in premarket trading as the newly public Arm tries to find its level in the market. Bernstein initiated coverage on Monday with an underperform rating, saying it was too early to say Arm will be an AI winner.

— CNBC’s Tanaya Macheel, Jesse Pound and Michelle Fox Theobald contributed reporting.

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