Check out the companies making headlines before the bell: CrowdStrike — The cybersecurity stock dropped 4% after Guggenheim downgraded CrowdStrike to neutral from buy, saying the company is unlikely to emerge unscathed from the global outage. Nvidia — Shares gained 2% after Reuters, citing people familiar with the matter, reported Nvidia is preparing a version of its new Blackwell chips for the Chinese market. They would be compatible with current U.S. export controls, the report said. Bank of America — The bank stock dipped more than 1% in premarket trading after a filing revealed that Warren Buffett ‘s Berkshire Hathaway sold 33.9 million Bank of America shares for almost $1.5 billion last week. Berkshire remains Bank of America’s largest shareholder with a 10.8% stake after the sale. Berkshire may be taking some profits with the bank stock up 27.4% so far this year. Verizon — The telecommunications stock slid 3% after Verizon posted quarterly revenue that disappointed estimates. In the second quarter, the company reported sales of $32.8 billion, below the $33.05 billion FactSet consensus estimate. Adjusted earnings per share of $1.15 came in line with estimates. Abercrombie & Fitch — The retail stock jumped more than 3% after JPMorgan upgraded Abercrombie & Fitch to overweight from neutral, citing strong demand for the brand after improvements in marketing in recent years. Truist Financial — The bank stock slipped 1% as second-quarter profits dropped from a year ago, hurt by lower net interest income, which dampened loan demand, and a loss on the sale of securities. The bank said adjusted noninterest expenses were higher due to larger employee costs and professional fees. Apple — Shares gained 1% after Wells Fargo raised its price target on Apple to $275 from $225, implying more than 20% upside, ahead of the company’s earnings results. The Wall Street firm said it expects Apple Intelligence will drive a “significant upgrade cycle” for the iPhone maker. — CNBC’s Alex Harring and Yun Li contributed reporting.
Source: www.cnbc.com