Check out the companies making the biggest moves in pre-market trading: Novo Nordisk — Shares fell 10% after the Danish drugmaker’s Alzheimer’s disease trial failed to meet its main goal of slowing the progression of the disease. Tesla — CEO Elon Musk said on X that the company is nearing completion of its latest artificial intelligence chip, the A15, and is starting work on the A16, sending the stock up 2%. Musk said Tesla’s goal is to mass produce a new AI chip design every 12 months. Alphabet — The tech giant rose 3.5%. Alphabet was the only “Magnificent Seven” stock to show positive results last week. Alphabet announced its latest AI model, Gemini 3, last week. Alibaba — The Chinese e-commerce company’s U.S.-listed shares soared 4% after the company said its AI app Qwen had achieved 10 million downloads in its first week. Oscar Health, Centene, Molina Healthcare — Health care stocks rose across the board after Politico reported that the White House would include a two-year extension of Affordable Care Act subsidies that expire next month. The administration also plans to set new limits on eligibility, according to reports. Oscar Health soared 17.5%, Centene rose 8% and Molina Healthcare rose 5%. Baidu — Chinese internet stocks rose more than 4% after JPMorgan was upgraded from neutral to overweight. The bank cited the company’s upcoming AI transformation and claimed that it expects upside of more than 60% going forward. MP Materials — BMO upgraded the rare earths miner to outperform the market, sending the stock up more than 3%. “We believe the current valuation provides an attractive entry point for investors looking to gain exposure to the rare earth theme,” BMO wrote. Merck — The pharmaceutical giant rose 2% after receiving an upgrade from Wells Fargo to overweight from equal weight. The bank expects Merck to fill the gap from Keytruda’s expiration, saying the company will enter a “catalyst-rich period over the next 12 to 18 months.” Carvana — The used car retail platform outperformed with a 3.3% increase following Wedbush upgrades. Mr. Wedbush said last month’s decline of about 13% was “excessive” and limited future downside. —CNBC’s Fred Imbert and Alex Harring contributed reporting.
