Premarket Stock Movers: Alibaba, Marvell, Sandisk, Coinbase, and More on Monday

Check out the companies making the biggest moves in premarket trading:

Alibaba — U.S.-listed shares of the Chinese technology giant fell by 2% after the company announced it was issuing $10.2 billion in new shares to non-U.S. investors. Alibaba stated that all of the funds raised will be directed toward financing its artificial intelligence projects, with a particular focus on its AI infrastructure.

Chipmakers — Following a 5.5% drop last week, the iShares Semiconductor ETF (SOXX) was down nearly 2% on Monday. Marvell Technology declined by almost 3.5%, while Advanced Micro Devices and Intel both fell by approximately 2%.

Memory Stocks — A group of memory storage companies also started the week in the red before the opening bell. Sandisk dropped more than 5%, while Western Digital and Seagate Technology fell nearly 4%. Micron Technology slid by 3.5%.

Nucor, Steel Dynamics — The steel manufacturers climbed after trade negotiations between the U.S. and Canada collapsed on Friday. Nucor jumped more than 4%, while Steel Dynamics rose by 3.5%. Canada is set to target the U.S. steel industry in its retaliatory tariffs, which are scheduled to begin on September 8.

Robinhood, Coinbase — Bitcoin prices stalled over the weekend around $77,000, following a three-day rally that sent the cryptocurrency surging by 22% last week. Trading platform Robinhood, which surged more than 18% during the three-day crypto rally, was down 1% before the bell. Coinbase, which similarly jumped more than 27% over the course of the rally, declined by 1%.

Jersey Mike’s Subs — The sandwich restaurant chain operator traded higher by 0.5% after several Wall Street firms initiated coverage of the stock with a buy rating. Analysts largely agreed that the company is undervalued and possesses strong potential for upside ahead.

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