AI and Tech Stocks Make Waves in Market: Upstart, Credo, and Zscaler in Focus

Stocks making the biggest moves midday: Tesla, U.S. Steel, FedEx, AT&T and more

Check out the companies making headlines in midday trading. U.S. Steel -- Shares dropped 8.6% Tuesday, the day after President-elect Donald Trump said he would stop Japan's Nippon Steel from buying the Pittsburgh steelmaker. The deal was first reached in late 2023, but has faced political and labor opposition since. AT & T -- The telecom stock jumped more than 4% after forecasting more than $18 billion in free cash flow in 2027. AT & T also set a three-year strategy, including includes plans to double its fiber internet availability and enhance its 5G network. Upstart Holdings -- The artificial intelligence-powered lending marketplace climbed nearly 4% on the back of a Redburn Atlantic upgrade to buy. Redburn said the worst is behind the company and that the "best is yet to come." Credo Technology Group -- The maker of cable used in AI data center s soared 41% after posting strong fiscal second quarter earnings and issuing higher current-quarter revenue guidance. Credo earned an adjusted 7 cents per share on revenue of $72 million in the quarter just ended, while analysts polled by LSEG had forecast 5 cents and $67 million, respectively. Zscaler -- The cloud security company posted in-line guidance for its fiscal second quarter revenue that disappointed investors, sending shares more than 3.5% lower. Zscaler exceeded analysts' adjusted earnings and revenue estimates in its fiscal first quarter. PSQ Holdings -- Shares surged 89% after Bloomberg News, citing people familiar with the matter, reported Donald Trump Jr. could join the board of PSQ Holdings as soon as Tuesday. Cleanspark -- The bitcoin miner slipped 4.3% on weaker-than-expected revenue for fiscal year 2024 . Revenue came in at $379 million, below the $395 million consensus estimate of analysts surveyed by FactSet. Tesla -- The electric vehicle maker slipped almost 2% after a Delaware judge blocked the reinstatement o f CEO Elon Musk's $56 billion pay package. Tesla said it plans to appeal to ruling. South Korean stocks -- U.S.-listed shares of South Korean stocks slumped after the country's president declared martial law. They pared some of those losses, however, after parliament voted to lift the declaration . The iShares MSCI South Korea ETF (EWY) dropped 2.5%, while the Franklin FTSE South Korea ETF (FLKR) lost 1.9%. FedEx -- The Memphis-based package delivery company slipped 3.3% after being downgraded at Bernstein to market perform from outperform. The investment bank cited uncertainty around meeting high expectations for the potential spin off of its less-than-truckload business. Ollie's Bargain Outlet Holdings -- The discount retailer fell 2.7% after a downgrade to equal weight from overweight at Wells Fargo. "The best time to own OLLI may have passed," the bank said. "Mgmt has firmed up the foundation while capturing cyclical tailwinds, but the path forward seems trickier than appreciated and big picture questions linger." -- CNBC's Jesse Pound, Sarah Min, Hakyung Kim, Pia Singh and Michelle Fox contributed reporting

Stocks making the biggest premarket moves: U.S. Steel, AT&T, Synchrony Financial, CVS and more

Check out the companies making the biggest moves in premarket trading: U.S. Steel -- Shares tumbled 7% after President-elect Donald Trump said late Monday he will block the purchase of the steelmaker by Japan's Nippon Steel. A deal was reached in late 2023 for Nippon Steel to buy U.S. Steel, but it has since encountered political opposition. AT & T -- The cell phone stock climbed nearly 4% after saying it anticipates more than $18 billion in free cash flow in 2027. AT & T laid out its three-year vision on Tuesday, which includes plans to double its fiber internet availability and enhance its 5G network. Axon Enterprise -- The maker of Tasers used by police departments added almost 2% following an upgrade at Morgan Stanley to overweight from equal weight. The investment bank said artificial intelligence could help expand Axon Enterprise's total addressable market. Synchrony Financial -- The Stamford, Connecticut-based credit card issuer rose more than 1% after an upgrade to overweight from equal weight at Wells Fargo. The bank said Synchrony is trading at a cheap valuation and could benefit from regulatory changes under the incoming Trump administration Upstart Holdings -- Shares of the AI-lending marketplace added 1.5% following an upgrade at Redburn Atlantic to buy. The firm sees a significant market opportunity with Upstart's blend of AI and a scalable tech platform. Credo Technology Group -- The tech company soared 32% after earnings topped analyst estimates late Monday and it issued strong current-quarter revenue guidance. Adjusted earnings came in at 7 cents per share on $72 million in revenue in the second fiscal quarter against Street estimates of 5 cents per share on revenue of $67 million, according to LSEG. Zscaler -- The cloud security company forecast for fiscal second quarter revenue nearly matched analysts' estimates, sending shares 7% lower in early trading. Zscaler reported better-than-expected adjusted earnings and revenue in its fiscal first quarter. CVS Health -- Shares rose 1.4% after Deutsche Bank upgraded the drug store chain and pharmacy benefit mansger to buy from hold. The investment bank believes earnings will recover and top consensus estimates. Cleanspark -- Shares dropped almost 8% after the bitcoin miner reported fiscal year 2024 revenue that missed expectations. Revenue of $379 million fell short of the $395 million consensus estimate, according to FactSet. Super Micro Computer -- The maker of artificial intelligence servers moved nearly 8% higher, adding to its 29% gain on Monday, when a special committee of the board of directors said it found no evidence of misconduct , nor "any substantial concerns about the integrity of Supermicro's senior management or Audit Committee, or their commitment to ensuring that the Company's financial statements are materially accurate." -- CNBC's Jesse Pound, Hakyung Kim, Sarah Min and Pia Singh contributed reporting.