Tech Stocks Drop Premarket; DraftKings, PacWest Up

On May 22, some stocks were in focus before the market opened. To see changes, refresh the page for updates.

The stock for Micron (NASDAQ:) dropped 4.3%. China said important infrastructure companies can't buy Micron's chips. Micron is a U.S. semiconductor company.

Meta Platforms stock went down by 1.2%. The reason is that the EU's privacy regulator fined them a lot of money. The fine was $1.3 billion. The reason for the fine was Meta's handling of user information.

JPMorgan Chase stock went up by 0.4%. They are the biggest bank in America. They said that buying First Republic Bank will make their net interest income go up by $3 billion this year.

Loop Capital downgraded Apple stock from 'buy' to 'hold'. They expect Apple to miss their revenue forecasts. As a result, the stock fell 1%.

UBS upgraded DraftKings stock from 'neutral' to 'buy'. This caused a 3% rise in the stock price. They cited new market penetration and higher revenue growth as reasons for the upgrade.

Nike's stock went down by 1.5%. Williams Trading reduced their rating from 'hold' to 'sell'. They believe the company has many problems to face. Williams Trading also thinks the stock is too costly.

PacWest Bancorp (NASDAQ:) shares went up by 4.5% as the regional lender decided to sell a real estate construction loan portfolio approximating $2.6B. They will sell it to a unit belonging to Kennedy-Wilson (NYSE:), which rose by 1%.