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Apple, Tesla, Taiwan Semi, Super Micro, 3M, Smart Global, LegalZoom, and More Market Movers

Apple

was up 0.4% in premarket trading after the tech giant and iPhone maker closed Tuesday at $228.68, pushing its market capitalization to $3.507 trillion.

Apple

is the first company to close with a market value of $3.5 trillion or more. It’s the largest company in the world, valued more than

Microsoft
,

which closed Tuesday with a market cap of $3.415 trillion.

Tesla

rose 0.3% to $263.14. If the increase holds, it would mark the 11th-straight session of gains for shares of the electric-vehicle maker.

Tesla

closed Tuesday at $262.33, the stock’s highest close since Oct. 11, 2023. Tesla stock has risen almost 44% over its winning streak of 10 straight trading days. It has gained 5.6% this year.

Taiwan Semiconductor Manufacturing

reported a 33% jump in sales during June and said second-quarter sales surged 40% to NT$673.5 billion, topping analysts’ forecasts, as the company benefited from the boom in artificial intelligence. Shares of Taiwan Semiconductor, the chip-manufacturing giant and supplier of chips used by Apple and

Nvidia
,

rose 1.9% in premarket trading.

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Super Micro Computer

was down 1.3% in premarket trading to $883.95. Shares of the server maker were downgraded to Neutral from Buy at

Nomura

with the price target unchanged at $930, the Fly reported, with analysts saying they see limited upside potential in the stock. Super Micro has gained 215% this year.

3M

was falling 1.7% after the company said Chief Financial Officer Monish Patolawala resigned to “pursue another opportunity.” Patolawala ‘s resignation from 3M, the maker of Scotch tape and Post-it Notes, comes after new CEO Bill Brown’s start on May 1.

Aehr Test Systems

jumped 15% in premarket trading after the maker of test systems for sensors and semiconductors said it expects fiscal fourth-quarter net income of about $23.8 million, which includes a tax benefit of about $20.8 million. on revenue of roughly $16.6 million.

Smart Global Holdings

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swung to a profit in its fiscal third quarter even as revenue fell 13% from a year earlier to $300.6 million. Smart Global said it expects sales in the fourth quarter of $300 million to $350 million compared with analysts’ expectations of $325 million. Shares of the computing and memory company were rising 9.3%.

LegalZoom.com

dropped 27% after cutting its full-year revenue outlook and expectations for free cash flow, and announcing that Chief Executive Officer Dan Wernikoff would be leaving the legal services company.

Kura Sushi

declined 4.1% after the sushi restaurant chain reported a fiscal third-quarter loss of 5 cents a share, down from a profit of 16 cents a year earlier and below analysts’ estimates that called for earnings of 1 cent.

Earnings reports are expected Wednesday from

WD-40 Co.
,

PriceSmart
,

and

AZZ Inc.

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Write to Joe Woelfel at joseph.woelfel@barrons.com

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