Stocks making the biggest moves pre-market: MU, PXD, TSLA

Micron Technology headquarters in Boise, Idaho, March 28, 2021.

Jeremy Erickson | Bloomberg | Getty Images

Check out the companies making headlines in premarket trading.

Micron Technology – Shares rose more than 6% on news that Samsung Electronics plans to cut production of memory chips in the near term. Many Wall Street analysts said the move could accelerate a recovery in the memory chip industry.

Pioneer Natural Resources – Shares fell 7% pre-hours after the Wall Street Journal reported that Exxon Mobil has held informal talks to buy Pioneer. The Exxon share fell 0.6 percent.

Tesla – Electric car shares fell almost 2% before the bell. Tesla said it plans to build a “megapack” battery factory in Shanghai and cut vehicle prices again.

First Republic – Shares fell more than 3% after the regional bank suspended dividend payments on preferred shares.

Taiwan Semiconductor Manufacturing – US-listed shares of the Taiwan-based semiconductor stock fell nearly 1% pre-hours after the company reported a monthly drop in revenue.

Capital One Financial — Shares of the financial company fell more than 4% in premarket trading after Capital One said in a filing that Walmart is moving to end its credit card partnership. Capital One said in a filing that Walmart is suing to end the deal, while Capital One maintains that the retail giant has no right to end the deal early.

Block – The Square and Cash App parent lost almost 2% in the premarket after a downgrade to market performance from KBW. The firm said the company is feeling pressure from a growing list of small risks.

— CNBC’s Alex Harring and Jesse Pound contributed reporting

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