Biggest stock movers today: Crypto stocks, AI, and more

Stock futures were slightly higher Monday morning as investors awaited the key consumer price index report later this week, which is expected to provide fresh insight into inflation trends and the Federal Reserve’s policy path.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Tegna (NYSE:TGNA) +30% – Shares surged after reports surfaced that Nexstar Media (NASDAQ:NXST) is in advanced talks to acquire the television broadcaster, with a deal potentially announced soon barring last-minute setbacks, though terms remain undisclosed; Tegna, valued at $2.6B, has a history of takeover attempts, including a $24-per-share deal with Standard General and Apollo Global in 2022 that collapsed in 2023 due to FCC delays, while Nexstar, valued at $5.6B, saw its shares rise 2% on the news.
• Cipher Mining (NASDAQ:CIFR) +6% – Crypto-linked stocks rose in premarket trading Monday, driven by a rally in Bitcoin that saw the cryptocurrency briefly touch a record high of $122,000. Shares of Riot Platforms (NASDAQ:RIOT), MARA Holdings (NASDAQ:MARA), Bit Digital (NASDAQ:BTBT), MicroStrategy (NASDAQ:MSTR), Coinbase (NASDAQ:COIN), CleanSpark (NASDAQ:CLSK), Hut 8 (NASDAQ:HUT), and Hive Digital (NASDAQ:HIVE) were each up nearly 4%.

Biggest stock losers

• C3.ai (NYSE:AI) -26% – Shares plunged after DA Davidson downgraded the stock to Underperform from Neutral and slashed its price target to $13, implying a 41% downside, following preliminary Q1 results that came in “significantly below guidance.” The software firm now expects revenue of $70.2M–$70.4M, roughly 33% below the midpoint of its prior forecast. GAAP operating loss is projected at $124.7M–$124.9M, with non-GAAP operating loss at $57.7M–$57.9M. CEO Thomas Siebel said the company has overhauled its global sales and services organization, including new leadership, but admitted Q1 sales performance was “completely unacceptable.”
• Aspen Aerogels (NYSE:ASPN) -5% – Shares dipped after Barclays downgraded the stock to Underweight from Equal Weight, citing slower electric vehicle production at General Motors. Analyst J. David Anderson said Aspen’s thermal barrier segment, which nearly doubled revenue in 2023 and 2024 on GM’s EV ramp-up, now faces headwinds. Barclays cut its price target to $6 from $7, implying a 21% downside from Friday’s $7.55 close. Seeking Alpha’s Quant system also rates Aspen a Strong Sell, pointing to decelerating momentum and valuation concerns vs. peers in the Materials sector.
• Advanced Micro Devices (NASDAQ:AMD) -3%; Nvidia (NASDAQ:NVDA) -2% – Shares fell following a report that both companies agreed to give 15% of their Chinese AI chip sales revenue to the U.S. government in exchange for export licenses. Nvidia will share revenue from its H20 AI accelerator, while AMD will do the same for its MI308 chips. Nvidia said it complies with U.S. government rules and, despite not shipping H20 to China for months, hopes export controls will allow America to compete both in China and globally.