Check out the companies making headlines before the bell. Trilogy Metals — U.S.-listed shares of the Canadian minerals explorer soared more than 222% after the White House said it would take a stake in the company . The Trump administration will invest $35.6 million in Trilogy as part of a new partnership, making the U.S. government a 10% shareholder. Aehr Test Systems — The stock plunged 20% after the semiconductor testing solutions firm reported a year-over-year drop in revenue and declined to issue guidance due to global trade tensions. Dollar Tree — Shares fell 4% after Jefferies downgraded the discount retailer’s stock to underperform from hold. The firm also called for a 20% drop in Dollar Tree. Advanced Micro Devices – The chipmaker’s stock rose nearly 4% after a Jefferies upgrade to buy from hold. The investment bank also called for more than 47% upside in the chipmaker. IBM – International Business Machines jumped about 4% after agreeing to integrate Anthropic’s Claude chatbot into its software portfolio. Constellation Brands — The Modelo distributor rose 3% after posting better-than-expected top- and bottom line growth in fiscal second-quarter earnings. Intercontinental Exchange — The New York Stock Exchange parent rose more than 3% after taking a $2 billion stake in prediction market platform Polymarket. The deal values Polymarket at about $8 billion. Galaxy Digital — Shares jumped nearly 3%, extending Monday’s gains after the digital assets investment platform unveiled a Robinhood-like trading system c alled GalaxyOne. Brinker — The Chili’s restaurant chain owner rose more than 2% after an upgrade at JPMorgan to overweight from neutral. The bank believes investors have been focused on difficult comparable store sales and not enough on the pieces in place that could allow Chili’s to regain same-store sales traffic. Applovin — Shares added 1% premarket trading after falling 14% Monday, spurred by a report that the Securities and Exchange Commission was looking into the mobile advertising firm’s data collection. — CNBC’s Sarah Min, Fred Imbert, Alex Harring, Michelle Fox and Spencer Kimball contributed reporting ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
