Premarket Pulse: Semtech Plummets While BP and Steel Stocks Surge Amid Market Movements

Today’s premarket activity shows a lot of stock movement that traders should watch closely. Let’s take a look at the main players making waves before the market opens.

Semtech (NASDAQ:SMTC) is experiencing a notable downturn, with shares plummeting over 28%. The semiconductor manufacturer has issued a cautionary note through an 8-K filing, indicating that net sales from its CopperEdge products, integral to active copper cables, are expected to underperform this fiscal year. This decline is attributed to alterations in rack architecture, leaving little room for recovery in fiscal 2026.

In contrast, BP (NYSE:BP) is climbing higher, enjoying a surge of more than 6%. The uptick follows a report from The Wall Street Journal revealing that Elliott Management has acquired a stake in the British oil firm. This development likely hints at impending changes aimed at boosting BP’s performance.

Steel and aluminum stocks are also basking in positivity, as reports of potential 25% tariffs from President Donald Trump on these metals are causing shares to rally. Notably, Cleveland-Cliffs (NYSE:CLF) and Nucor (NYSE:NUE) each saw an increase of around 7%. Meanwhile, peers such as Steel Dynamics (NYSE:STLD) and U.S. Steel (NYSE:X) rose by more than 5% and 4%, respectively, while aluminum behemoth Alcoa (NYSE:AA) gained over 5% as well.

Tesla (NASDAQ:TSLA), a key player in the electric vehicle sector, is facing a slight setback with a drop of over 1% in premarket trading. This follows Stifel's decision to lower its price target due to perceived mixed results for Q4 and ongoing concerns related to vehicle pricing. On Friday, the stock had already decreased by more than 3%.

On a brighter note, Shopify (NYSE:SHOP) shares are enjoying a 3.3% increase after Benchmark upgraded the stock from hold to buy, setting the stage ahead of its much-anticipated earnings report due tomorrow.

Meta Platforms (NASDAQ:META) continues its remarkable ascent, with shares rising approximately 1%. This comes on the heels of a 15-session winning streak, marking the longest since its IPO in 2012, as the company prepares to trim its workforce by about 5%.

McDonald’s (NYSE:MCD) is slightly on the upswing, with a 1.5% gain following mixed Q4 results. The fast-food titan reported adjusted earnings of $2.83 per share—matching expectations—but its revenue of $6.39 billion fell short of the anticipated $6.44 billion. Nevertheless, its same-store sales growth of 0.4% outperformed the 1% decline projected by analysts.

Super Micro Computer (NASDAQ:SMS) is also in the green, rising almost 4% before its second-quarter earnings report drops later today. This marks its fifth consecutive winning session, highlighting a robust 19% gain year-to-date.

Meanwhile, Rivian (NASDAQ:RIVN) has edged up 0.6% after announcing that sales of its delivery vans are now available to fleets of all sizes across the U.S., following the termination of its exclusive agreement with Amazon (NASDAQ:AMZN).

Intel (NASDAQ:INTC) shares have increased by 0.5%, attributed to news that Justin Hotard, the head of data centers and AI, will be stepping down—a part of a broader leadership overhaul at the beleaguered chipmaker.

Meanwhile, Hyatt Hotels (NYSE:H) has seen a slight decline of 0.4% following its announcement of a $2.6 billion acquisition of Playa Hotels & Resorts (NASDAQ:PLYA), aimed at bolstering its footprint in Mexico and the Caribbean.

Lastly, Monday.com (NASDAQ:MNDY) dazzled investors with a whopping 23% jump following a stellar Q4 report that exceeded expectations, along with a promising forecast for the first quarter of fiscal 2025.

As the trading day approaches, traders should keep a keen eye on these fluctuations and the potential implications for their strategies.