US PRE-MARKET MOVERS: MU, BABA, ALGN, RIVN, FIVE, ACN
ES -0.6% NQ -0.7% RTY -1.0%
- MU -5.6%: Concerns over peak GM from capex outweigh earnings beat.
- BABA -5.0%: Profit and rev. missed.
- ALGN +6.1%: Elliott Investment Management takes a significant stake.
- RIVN +9.1%: Partnered with UBER on Robotaxis; UBER to invest $1.25B in RIVN.
- FIVE +6.3%: Q metrics & guidance beat.
- ACN -4.5%: FY profit outlook missed..
Context
The pre-market movements indicate mixed sentiment across several notable companies, with Micron Technology and Alibaba seeing significant declines due to disappointing results. In contrast, Align Technology and Rivian are rallying on positive news, particularly Rivian's partnership with Uber, which could bolster investor confidence. Overall, this mixed data may suggest a cautious outlook in the equity market while highlighting sector-specific opportunities.
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