US PRE-MARKET MOVERS: AAPL, META, NKE, LITE, NOW, Application Software names, Memory names
ES +0.1% NQ +0.1% RTY flat
- AAPL -0.7%: Led global smartphone shipments in Q1, +5% Y/Y, even as overall shipments fell due to a shortage of memory components
- META +0.6%: Upgraded at CFRA
- NKE -0.6%: Downgraded at Piper Sandler
- LITE +5.5%: Demand from US hyperscalers for its optical components is accelerating & on track to fill its order books through ‘28
- NOW -1.6%: Downgraded at UBS
- Citi "turning more selective" in the application software group w/ 6 downgrades; SMWB -3.4% DOCU -2.2% VEEV -1.4% NICE -1.4% ADSK -1% CCC -0.9%
- Mizuho reiterated ‘Outperform’ rating on memory, storage group & raised PT on some names incl. SNDK +2.5% & WDC +1.7%
Context
This pre-market update highlights mixed sentiment among major tech equities, particularly impacting names like Apple and ServiceNow, which are both seeing downward adjustments due to external challenges and analyst downgrades. Conversely, Lite’s significant gain reflects strong demand from hyperscalers, indicating resilience in specific tech segments. Overall, the adjustments in ratings suggest a cautious approach within the application software group, potentially shaping investor sentiment and sector allocations today.
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