Check out the companies making headlines in pre-market trading. Micron Technology — Shares of Micron Technology rose about 1.1% after Bank of America raised its price target on the chip maker, with analysts predicting demand for high-bandwidth memory technology will grow to more than $20 billion by 2027. 3M — Shares of the manufacturer rose nearly 3% on Monday. 3M completed its spinoff of healthcare company Solventum and announced final approval of a $10 billion settlement with public water suppliers over chemicals lawsuits. JB Hunt Transport, CH Robinson – Trucking stocks pulled back after Barclays downgraded the stock on Monday. Analyst Brandon Oglenski worries that “an oversupply of trucking capacity in North America is leading to lower rates and lower profitability for many carriers.” Barrick Gold, Royal Gold (Royal Gold) – Gold miners and gold royalty companies rose 2% and 1.7% respectively. The move comes as gold prices climbed to a record high on Monday as expectations grew that the Federal Reserve could cut interest rates as soon as June. Devon Energy — The oil and natural gas producer gained 1.4% after Wells Fargo upgraded the stock to overweight from equal. Wells Fargo expects the company to turn around soon and said the stock is priced to be a good entry point for investors. Delta Air Lines — Shares of Delta Air Lines rose about 2% after Morgan Stanley named the Atlanta-based airline stock its top pick for 2024. The company said the introduction of more premium services by Delta Air Lines will help it outperform its peers. AT&T — Shares of AT&T fell more than 2% after the telecommunications company said it was investigating a data breach that led to the release of more than 7 million customer information on the dark web. MicroStrategy — Shares of the cloud services company fell more than 5% after Executive Chairman Michael Saylor sold nearly 4,000 MicroStrategy shares last week, according to a regulatory filing. Tesla – Shares of Tesla rose less than 1% after the electric car maker’s previously announced Model Y price increase took effect on Monday. UPS — Shares of UPS rose nearly 2% on news that the shipping company will become the primary air cargo provider for the United States Postal Service. —CNBC’s Lisa Kailai Han, Jesse Pound and Alex Harring contributed reporting
