Microsoft, Tesla and Goodyear rise premarket; 3M and Honeywell fall

Investing.com — U.S. stock largely edged higher Wednesday, ahead of the second round of comments from Fed chief Jerome Powell to Congress.

Here are some of the biggest premarket U.S. stock movers today:

• Microsoft (NASDAQ:) stock rose 0.4% following a report that the software giant was ready to give up an observation seat on the board of OpenAI amid regulatory scrutiny into generative artificial intelligence in both the U.S. and Europe.

• Tesla (NASDAQ:) stock rose 0.5% after Goldman Sachs raised its estimates and price target for the EV manufacturer following stronger-than-expected Q2 deliveries.

• 3M Company (NYSE:) stock fell 0.7% after the manufacturing company announced that CFO Monish Patolawala would leave the firm at the end of the month to pursue another opportunity.

• Honeywell (NASDAQ:) stock fell 0.7% after the Wall Street Journal reported that the industrial giant is set to buy the liquefied natural-gas process technology and equipment business from Air Products (NYSE:), up 2.1%, for $1.8 billion.

• Goodyear (NASDAQ:) stock rose 1.9% after a report that Japan’s Yokohama Rubber was in talks to buy its off-road tire business for at least $1 billion.

• Taiwan Semiconductor Manufacturing (NYSE:) stock rose 2.4% after the world’s largest chipmaker reported 32% year-on-year growth in second-quarter revenue.

• LegalZoom (NASDAQ:) stock slumped 27% after the online legal firm cut its full-year revenue guidance, while also announcing that CEO Dan Wernikoff had resigned from his post, effective immediately.

• Smart Global (NASDAQ:) stock rose 7.6% after the global leader in specialty memory solutions reported a third-quarter profit as lower operating expenses helped offset a double-digit drop in revenue.