On this episode of Stock Movers:
- Intel (INTC) shares rally in premarket trading after the Wall Street Journal reported that the Trump administration is weighing a new plan to reduce US reliance on chips made overseas. The Journal says the policy’s goal is to have chip companies manufacture the same number of semiconductors in the US as their customers import from overseas producers. Meantime, a separate Journal report says Intel has approached Apple and TSMC to secure investments or manufacturing partnerships to fuel the chipmaker's comeback.
- Eli Lilly (LLY) shares jumps in premarket trading after President Trump announced a fresh round of tariffs on pharmaceuticals, heavy trucks and furniture, including a 100% duty on patented drugs unless the producer is building a manufacturing plant in the US.
- Shares of truck manufacturer Paccar (PCAR) soared in the premarket session following the announcement of a 25% tariff rate on heavy trucks made outside of the US, while Wayfair (W) shares tank with President Trump also announcing a 30% tariff on upholstered furniture and a 50% levy on kitchen cabinets and bathroom vanities.
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