Stocks are making big moves in premarket trading, with several companies grabbing headlines for their significant developments. Chipotle, the fast-casual Mexican chain, saw its shares rise by 5% after announcing a 50-to-1 stock split. This change, expected to go into effect in June pending shareholder approval, marks one of the biggest splits in the history of the New York Stock Exchange.
CarMax, the used car dealer, also experienced a 2% climb after receiving an upgrade to buy from hold by Needham. The investment firm believes the used vehicle market could be on the brink of a multiyear recovery.
Riot Platforms, a bitcoin mining company, saw its stock rise by 4.1% after JPMorgan upgraded it to overweight from neutral. Analyst Reginald Smith highlighted Riot’s unique combination of industry-leading power contracts, scale, and liquidity as key catalysts for its growth.
In other news, Intel shares rose by over 3% following the announcement that the chipmaker will receive up to $8.5 billion in CHIPS Act funding and $11 billion in loans from the White House. This move aims to bolster the domestic semiconductor industry and bring production to U.S. soil.
Overall, the stock market is showing signs of volatility, with RBC Capital Markets warning of choppy trading ahead. Technical strategist Robert Sluymer cautioned that the S&P 500 and Nasdaq Composite have been trading sideways in a narrow range and could see further volatility into the second quarter of the year.
As investors keep a close eye on these developments, the stock market continues to be a dynamic and ever-changing landscape. Stay tuned for more updates on these and other companies making waves in premarket trading.
