Check out the companies making headlines before the bell. Semtech – The semiconductor manufacturing company plunged more than 28% after it warned in an 8-K filing that fiscal 2026 net sales from its CopperEdge products used in active copper cables are now underperform “due to rack architecture changes.” Semtech also said that it doesn’t expect any ramp-up over the course of that fiscal year. BP – Shares were higher by more than 6% after The Wall Street Journal reported, citing people familiar with the matter, that Elliott Management has taken a stake in the British oil giant. According to the report, Elliott will push for changes to improve BP’s performance. Steel and aluminum stocks – Shares of companies linked to steel and aluminum rose after President Donald Trump said on Sunday that he plans to announce 25% tariffs on the metals on Monday. Cleveland-Cliffs and Nucor gained around 7%, while fellow steel producers Steel Dynamics and U.S. Steel advanced more than 5% and 4%, respectively. Meanwhile, aluminum company Alcoa climbed more than 5%. Tesla – Shares of the electric vehicle maker dropped more than 1% Monday before the bell. Stifel lowered its price target on the stock, citing mixed fourth-quarter results and pricing concerns. This came following the stock’s decline of more than 3% on Friday Shopify – Shares of the commerce stock added 3.3% following Benchmark’s upgrade to buy from hold. The firm’s call comes ahead of Shopify’s earnings report scheduled for Tuesday. Meta Platforms – Shares of the tech giant rose about 1% and were poised to extend a best-ever winning streak. Meta Platforms stock has risen for 15 consecutive sessions entering Monday, which is the longest streak since the company’s initial public offering in 2012, according to Bespoke Investment Group. The move comes amid reports that the company plans to trim its workforce by about 5%. McDonald’s – The fast-food giant rose 1.5% after reporting mixed results for its fourth quarter . Adjusted earnings came in at $2.83 per share, meeting expectations, according to LSEG. However, revenue of $6.39 billion fell short of the $6.44 billion consensus estimate. McDonald’s same-store sales growth of 0.4% topped the 1% decline expected from analysts polled by StreetAccount. Super Micro Computer – Shares rose almost 4% ahead of its second-quarter earnings results due out after the bell on Tuesday. The stock is on track for its fifth consecutive winning session and has gained around 19% this year. — CNBC’s Fred Imbert, Alex Harring, Jesse Pound, Hakyung Kim, Lisa Kailai Han and Michelle Fox Theobald contributed reporting.
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