Check out the companies making headlines in premarket trading.
Micron Technology – Shares jumped more than 6% following news that Samsung Electronics plans to cut memory chip production near term. Many Wall Street analysts said the move could accelerate a recovery within the memory chip industry.
Tesla – The electric vehicle stock fell nearly 2% before the bell. Tesla said it plans to build a “megapack” battery factory in Shanghai and cut vehicle prices again.
First Republic – Shares fell more than 3% after the regional bank suspended dividend payments on preferred stock.
Taiwan Semiconductor Manufacturing – U.S.-listed shares of the Taiwan-based semiconductor stock fell nearly 1% before the bell after the company reported a monthly drop in revenue.
Capital One Financial — Shares of the financial company fell more than 4% in premarket trading after Capital One said in a filing that Walmart is moving to end its credit card partnership. Capital One said in a filing that Walmart is suing to end the agreement, while Capital One maintains that the retail giant does not have a right to end the agreement early.
Block – The Square and Cash App parent lost nearly 2% in the premarket following a downgrade to market perform from outperform by KBW. The firm said the company is feeling pressure from a growing list of small risks.
— CNBC’s Alex Harring and Jesse Pound contributed reporting