Check out the companies making headlines before the bell. Tesla – The electric vehicle maker tumbled more than 6% after Stifel cut its price target on the stock. The firm said that a slower-than-expected rollout of Telsa’s new Model Y and recent protests could weigh on sales in the near term. Auto stocks – Shares of automakers pulled back as President Donald Trump’s tariffs on imported cars are set to take effect this week. The president said in an interview with NBC News over the weekend that he ” couldn’t care less ” if automakers increased prices as a result of the tariffs. On Monday, shares of Stellantis shed more than 3%, while General Motors and Ford slid more than 2% and 1%, respectively. CoreWeave – Shares of the Nvidia-backed cloud provider fell nearly 5% after closing flat in its Nasdaq debut on Friday. Nvidia shares also dropped more than 4% after CoreWeave’s disappointing debut . The artificial intelligence chip darling has fallen more than 18% in 2025. Mr Cooper – The mortgage firm saw shares soaring 27% in premarket trading after fintech platform Rocket Companies announced a definitive agreement to acquire Mr Cooper in an all-stock transaction for $9.4 billion in equity value. Rocket shares were down 4%. Crypto stocks – Stocks whose performance is tied to the price of bitcoin fell in premarket trading as the flagship cryptocurrency took another leg down over the weekend. Exchanges Coinbase and Robinhood fell 4% and 7%, respectively. Bitcoin proxy Strategy , formerly known as MicroStrategy, lost 4%. LPL Financial – Shares tumbled nearly 6% after LPL announced a definitive purchase agreement for Commonwealth Financial Network. LPL will acquire Commonwealth for around $2.7 billion in cash, with the deal expected to close in the second half of this year. Palantir – The defense tech stock slid 7% in premarket trading, putting it on track for its fifth-straight losing session. Palantir’s shares fell more than 5% last week. Hut 8 – Shares advanced more than 1% after the bitcoin miner announced the launch of American Bitcoin Corp, the result of a merger between Hut 8 and American Data Centers, a company formed by a group of investors that include Eric Trump and Donald Trump Jr. The new subsidiary, in which the Trumps retain a 20% stake, will focus on industrial-scale bitcoin mining and strategic bitcoin reserve development. Amazon – The megacap technology stock fell more than 2%, extending its more than 4% loss from the previous session. The stock closed out last week with a nearly 2% decline, marking its eighth consecutive week in the red. — CNBC’s Alex Harring, Jesse Pound, Yun Li and Tanaya Macheel contributed reporting.
Check out the companies making the biggest moves midday: Nvidia — The chipmaker jumped 6% following the announcement it will sell more than 18,000 of its artificial intelligence chips to Saudi Arabian company Humain to be used in the latter’s 500 megawatt data center. UnitedHealth Group — The insurance stock tumbled 16% to trade at lows not seen since February 2021. The sell-off came after the company said CEO Andrew Witty is stepping down for “personal reasons.” The company also pulled its 2025 guidance partly due to higher medical costs, which dragged down other insurance stocks. Coinbase — Shares rallied 22% after S & P Dow Jones Indices announced that the crypto exchange operator will be added to the benchmark S & P 500 stock index before trading begins on May 19, replacing Discover Financial Services . Boeing — Shares of the aircraft company jumped 3%. Bloomberg reported Tuesday that China has lifted its ban on Boeing deliveries, citing people familiar with the matter. The company also announced it delivered 45 commercial jets in April, which is nearly twice the 24 airplanes the company delivered during the same month a year ago. On Holding — U.S.-listed shares of the Swiss-based maker of Hoka sneakers rose 12% after the company posted an earnings and revenue beat. First Solar — The solar stock soared 22%. Wolfe Research upgraded First Solar to outperform from peer perform, citing better clarity on the 45X tax credits for clean energy production. The firm said First Solar stands to earn $10 billion from the tax credit. Hertz Global Holdings — The rental car stock tumbled 15% after first-quarter results were worse than analyst expected. Hertz reported an adjusted loss of $1.12 per share on $1.81 billion in revenue. Analysts surveyed by LSEG expected a loss of 97 cents per share and $2 billion of revenue. Revenue fell from $2.1 billion a year ago. Rigetti Computing — The quantum computing stock dropped nearly 11% after the firm posted first-quarter revenue of $1.5 million, far below the $2.6 million that analysts polled by FactSet were expecting. Earnings, however, came in better than expected for the quarter. Intuitive Machines — The Houston-based space startup soared almost 25% after its first-quarter operating income came in better than expected. While its revenue missed estimates, its free cash flow topped expectations. Caterpillar — Shares of the construction equipment giant popped almost 4% after being upgraded by Baird to outperform from neutral. The firm said the easing of tariffs is likely to drive multiple expansion for Caterpillar. Valero Energy — The stock gained 4% following an upgrade at Goldman Sachs to buy from neutral. Goldman said the oil refiner can benefit from more attractive supply-and-demand trends. Calumet — The maker of specialty products such as oils and solvents popped about 5% on the back of Bank of America’s initiation at a buy rating. The bank said Calumet shares can see notable upside through growth in its biofuels business. Sea Limited — Shares added 8% after the consumer internet company reported adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $946.5 million for its first quarter, beating the $710.9 million consensus estimate, per FactSet. Revenue, however, missed expectations. — CNBC’s Alex Harring, Yun Li, Tanaya Macheel, Sean Conlon and Pia Singh contributed reporting.
Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks during the Messari Mainnet summit in New York, on Thursday, Sept. 21, 2023.
Michael Nagle | Bloomberg | Getty Images
Coinbase shares soared more than 20% on Tuesday and headed for their sharpest rally since the day after President Donald Trump’s election victory following the crypto exchange’s inclusion in the S&P 500.
S&P Global said in a release late Monday that Coinbase is replacing Discover Financial Services, which is in the process of being acquired by Capital One Financial. The change will take effect before trading on Monday.
Stocks added to the S&P 500 often rise in value because funds that track the benchmark will add it to their portfolios. For Coinbase, it’s the latest sharp move in what’s been a volatile few months since Trump was elected to return to the White House.
Coinbase shares rocketed 31% on Nov. 6, the day after the election, on optimism that the incoming administration would adopt more crypto-friendly policies following a challenging and litigious four years during President Joe Biden’s term in office.
The company and CEO Brian Armstrong were key financial supporters in the 2024 campaign, backing pro-crypto candidates up and down the ticket. Coinbase was one of the top corporate donors, giving more than $75 million to a PAC called Fairshake and its affiliates. Armstrong personally contributed more than $1.3 million to a mix of candidates.
While the start of the Trump term has been mostly favorable to the crypto industry, through deregulation and an executive order to establish a strategic bitcoin reserve, legislation has thus far stalled. That’s due in part to concerns surrounding Trump’s personal efforts to profit from crypto through a meme coin and other family initiatives.
Coinbase has been on a roller coaster as well, plummeting 26% in February and 20% in March as Trump’s tariff announcements roiled markets and pushed investors out of risk. With Tuesday’s rally, the stock is now up about 2% for the year.
Since going public through a direct listing in 2021, Coinbase has become a bigger part of the U.S. financial system, with bitcoin soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds.
Bitcoin spiked last week, topping $100,000 and nearing its record price reached in January. The crypto currency surpassed $104,000 on Tuesday.
To join the S&P 500, a company must have reported a profit in its latest quarter and have cumulative profit over the four most recent quarters.
Coinbase last week reported net income of $65.6 million, or 24 cents a share, down from $1.18 billion, or $4.40 a share a year earlier, after accounting for the fair value of its crypto investments. Revenue rose 24% to $2.03 billion from $1.64 billion a year ago.
The company last week also announced plans to buy Dubai-based Deribit, a major crypto derivatives exchange for $2.9 billion. The deal, which is the largest in the crypto industry to date, will help Coinbase broaden its footprint outside the U.S.
Check out the companies making headlines in premarket trading. UnitedHealth — Shares dropped 7% in the premarket Tuesday after the company announced it was suspending its 2025 outlook due to higher-than-expected medical expenditures. UnitedHealth also announced CEO Andrew Witty was stepping down, effective immediately, for personal reasons. Stephen Hemsley will replace Witty as chief executive. Rigetti Computing — Shares tumbled 11.4% after the quantum computing firm recorded $1.5 million for first-quarter revenue, below the $2.6 million consensus forecast from analysts polled by FactSet. Coinbase — Shares rallied 9.2% following the announcement that the crypto trading platform will join the S & P 500 , taking effect before trading on May 19. Coinbase will replace Discover Financial Services . Hertz Global Holdings — The rental car stock sank nearly 9% after first-quarter results came in worse than expected. Hertz reported an adjusted loss of $1.12 per share on $1.81 billion of revenue. Analysts surveyed by LSEG were looking for a loss of 97 cents per share and $2 billion of revenue. The company said it had $1.2 billion in liquidity at the end of March. Simon Property Group — The real estate investment trust slid 2% despite first-quarter revenue topping expectations. Simon saw $1.37 billion, while analysts predicted $1.36 billion, per LSEG. Under Armour — Shares of the athletic goods and apparel company added 2.2% after Under Armour beat revenue expectations for its fiscal fourth quarter and lifted its adjusted earnings per share guidance for the fiscal first quarter. Sea Limited — The consumer internet stock surged 14.1% after adjusted EBITDA for the first quarter surpassed forecasts. Sea posted $946.5 million, beating the FactSet consensus of $710.9 million. The company reported $4.84 billion in revenue, missing Wall Street’s prediction $4.91 billion. Valero Energy — Shares of the oil refiner ticked 1% higher on the heels of Goldman Sachs’ upgrade to buy from neutral. Goldman said Valero can benefit from an improving backdrop and more attractive supply-and-demand trends. Calumet — The special product producer jumped 2.2% following Bank of America’s initiation at a buy rating. The bank said Calumet shares can see sizable upside through growth in the biofuels business. — CNBC’s Pia Singh, Jesse Pound and Fred Imbert contributed reporting