Stocks move premarket as Fiserv rallies and Micron falls

Fiserv, Crinetics Pharmaceuticals, Micron and several other stocks moved sharply in premarket trading on Tuesday, July 7, as investors reacted to deal news, analyst actions and fresh company guidance. Fiserv rose more than 5% after a Wall Street Journal report said the company has discussed selling its payments infrastructure business, which processes debit card transactions, to major U.S. banks including JPMorgan Chase and Bank of America. Vertex Pharmaceuticals said it will buy Crinetics Pharmaceuticals in a deal valued at about $10 billion to expand its raredisease drug portfolio. Crinetics shares roughly doubled, while Vertex slipped slightly. First Solar gained nearly 3% after Deutsche Bank upgraded the stock to buy, citing reasons including a possible shift in trade policy. Semiconductor stocks weakened after mixed results from Samsung, with Micron down 5% and Lam Research also lower. Rivian dropped 9% even after its revenue and delivery guidance beat expectations, because the company also announced a plan to sell 75 million new shares to raise capital. The broader chip selloff also pushed South Korea’s Kospi index down more than 4%, while the iShares MSCI South Korea ETF fell in premarket trading.