Shares in Nvidia (NVDA) fell more than 2% in pre-market trading, after China said that a preliminary probe found the chipmaker had violated anti-monopoly law.
Reuters reported on Monday that China's market regulator said in a statement that it would continue its investigation into Nvidia following the preliminary findings.
The probe is around Nvidia's (NVDA) acquisition of Israeli chip designer Mellanox Technologies back in 2020. China's State Administration for Market Regulation launched its antitrust investigation into the US chip giant late last year.
Creative software developer Adobe (ADBE) remained in focus on Monday morning, after a number of changes to analyst price targets on the stock, following the release of the company's third quarter results.
Piper Sandler (PIPR) maintained an “overweight” rating on the stock but lowered its price target from $500 (£368) to $470 per share. UBS (UBSG.SW) maintained a “neutral” rating on the stock but lowered its price target from $400 to $375 per share. Meanwhile, Barclays (BARC.L) reiterated an “overweight” rating but raised its price from $460 to $465 per share.
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The changes came after Adobe (ADBE) beat estimates in the third quarter, in results released on Thursday, reporting revenue of $5.99bn versus expectations of $5.91bn. Adjusted earnings of $5.31 per share also came in ahead of an anticipated $5.18.
On the back of these results, Adobe (ADBE) raised its targets for the 2025 fiscal year, lifting its guided total revenue range to $23.65bn to $23.70bn and earnings per share to $20.80 to $20.85.
Shares in online real estate service Opendoor Technologies (OPEN) were up 4.3% in pre-market trading on Monday, after the company's co-founder and new chairman said it needs to cut as much as 85% of its workforce.
Keith Rabois, who was named as Opendoor chairman last week, told CNBC on Friday that the company had faced a problem with “bloated” general and administrative expenses.
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He said: “There’s 1,400 employees at Opendoor. I don’t know what most of them do. We don’t need more than 200 of them.”
Shares in Opendoor (OPEN) soared last week after the company announced that Kaz Nejatian, currently chief operating officer of Shopify (SHOP), had been appointed as CEO. This comes a month after Carrie Wheeler stepped down as Opendoor's CEO, with the company's chief technology and product officer Shrisha Radhakrishna stepping in as interim leader.
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