Premarket movers: Mag 7 stocks are mixed (Microsoft +0.3%, Alphabet +0.3%, Amazon +0.3%, Apple +0.2%, Meta -0.8%, Nvidia -1.2%, Tesla -0.6%) SK Hynix ADRs (SKHY) drop 8% after the stock fell by a record 15% in South Korean trading, underscoring growing investor concerns that its AI-fueled boom has become overstretched. Agenus (AGEN) soars 46% after entering into a securities purchase agreement for a private placement of $85 million in upfront gross proceeds. American Express Co. (AXP) inches 1% higher after JPMorgan raised the recommendation on the company to overweight, saying the premium on the stock is warranted given the defensive nature of its revenues. Shopify (SHOP) is up 2% after Jefferies raised the stock to buy, saying second-quarter results will likely beat consensus. TriCo Bancshares (TCBK) rises 7% after First Hawaiian agreed to buy the holding company for Tri Counties Bank. First Hawaiian (FHB) slips 6%.(zerohedge)