GlobalFoundries rises after report on new US chip production rule

Shares of chipmaker GlobalFoundries GFS.O rise 8% to $35.48 premarket

WSJ reports Trump administration planning a levy on chip firms that do not sustain production target

Administration to provide credit to companies pledging to make chips domestically, and allow tariff-free import until the plan is completed, per WSJ report

Reuters could not confirm the report

GFS, world's third-largest foundry, operates state-of-the-art semiconductor manufacturing facility in New York

11 of 21 brokerages rate stock "buy" or higher, 10 "hold"; median PT is $40 - data compiled by LSEG

Up to last close, stock down 23.5% YTD