Check out which companies are making headlines in pre-market trading. Spotify – The music platform rose more than 2% after Wells Fargo picked Spotify as its top stock pick. Analyst Stephen Cahall is particularly bullish on the company's rising margins, strong product mix and developing record label relationships. The bank currently has an outperform rating on the stock. Robinhood – Stock added 2%. The retail investment company announced on Monday that users can trade a Kamala Harris or Donald Trump contract ahead of the 2024 presidential election. Users must meet certain criteria, including being US citizens. Boeing — Shares of the plane maker fell nearly 2% after Boeing launched a stock offering that could raise nearly $19 billion. The move aims to strengthen the company's financial resources, which have been damaged by a workers' strike and a large number of production and safety issues. Occidental Petroleum, Exxon, BP – Shares of oil companies fell as crude oil prices fell, after it emerged that Iranian energy facilities were not damaged by the Israeli attack over the weekend on Iranian military facilities. Citi analysts said the Israeli strike would likely not lead to an escalation that would disrupt oil supplies. Shares of Occidental Petroleum, Exxon Mobil and BP fell more than 2%. McDonald's — Shares rose 1% after the fast food chain said its Quarter Pounder burger would return this week to about 900 restaurants where it was removed following a deadly E. coli outbreak. These locations will serve burgers without sliced onions, which are believed to be the source of the outbreak, for the foreseeable future. McDonald's shares fell more than 7.5% last week, recording their worst weekly performance since 2020. Taiwan Semiconductor Industry – Shares of the chip maker fell 2% after TSMC suspended shipments to a China-based chip designer after a chip it made was found on a device. . Huawei's AI processor, people familiar with the matter told Reuters. The United States in 2020 banned Huawei from purchasing technology over national security concerns. On Semiconductors – Shares rose more than 3% after the semiconductor products maker reported adjusted earnings per share of 99 cents on revenue of $1.76 billion for the third quarter. Those results beat the expectations of analysts surveyed by FactSet, who expected the company to earn 97 cents per share on revenue of $1.75 billion. Tesla — Shares of the electric automaker rose 0.7% after Canaccord Genuity raised its price target for the stock, saying Tesla's earnings trends will approach and beat other “Magnificent Seven” companies in the current quarter next year. Nio – Shares rose more than 2% after the Chinese automaker was upgraded to Outperform from Neutral at Macquarie, which cited accelerating volumes in the current quarter due to strong Onvo L60 orders. Delta Air Lines – Shares rose 2% after Delta Air Lines on Friday filed a lawsuit against CrowdStrike, alleging breach of contract and negligence following a July outage that led to the cancellation of 7,000 flights. — CNBC's Sarah Min, Alex Haring, Lisa Kailay Hahn, Sean Conlon and Michelle Fox contributed reporting.
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