Check out the companies making the biggest moves premarket: Alibaba — Shares were higher by 1.5% after Reuters reported the company was set to sell its game developer business. Citing a person familiar with the matter, Reuters said Lingxi Games is expected to be sold in a more than $2 billion to private equity firm Trustar Capital. Memory stocks — A slew of names were higher in premarket trading Monday after U.S. Commerce Secretary Howard Lutnick told the Wall Street Journal in an interview that the Trump administration opposes Apple from buying Chinese memory chips. Domestic memory chipmakers rose in response. Sandisk jumped nearly 5%, while Western Digital and Micron Technology were up more than 3%. Seagate Technology was higher by more than 2.5%. Intel — Shares were up about 1.5% after it was revealed CEO Lip-Bu Tan purchased more than 105,000 shares last week at $95 a piece. The purchase was unveiled in a Securities and Exchange Commission filing on Friday after the bell. Semiconductor stocks — Chipmakers across the board were higher to start the week in Monday premarket trading. Marvell Technology and Arm were both up 2%. Applied Materials was higher by 1.5%, while Broadcom and Advanced Micro Devices were both rising 1%. SoFi Technologies — The digital financial services company was up by 2% after Piper Sandler initiated coverage on the stock with an overweight rating. Analysts at the firm said the stock’s current levels represent an attractive entry point, as the company faces a growing total addressable market with a strong product portfolio. Okta — Shares were up 1% after Wells Fargo upgraded the stock to overweight from equal-weight. Analysts at the bank said identity is increasingly becoming a spending priority by businesses, which could be a boost to the company’s identity security offerings.
