The Salesforce sign outside an office building in New York.
Scott Mill CNBC
Check out the companies making the biggest premarket moves:
Advanced Micro Devices – Semiconductor manufacturers rallied nearly 3% after being updated by Barclays to overweight from equal weight, which said it sees the potential rise of immediate and generative artificial intelligence. The company also upgraded Qualcomm and Seagate Technology to be lighter than the same weight. Qualcomm and Seagate both gained more than 2%.
Wayfair – The online retailer jumped more than 12% after being upgraded twice to overweight from underweight by JPMorgan. Wall Street companies report better market share trends and better understanding of spending from management.
Salesforce – Salesforce shares gained more than 5% premarket on news that activist investor Elliott Management is reportedly taking a multibillion-dollar stake in the cloud-based software giant.
Shopify – The e-commerce company rose nearly 5% after being upgraded to buy from hold by Deutsche Bank, which said brands are increasingly interested in Shopify.
Abbott Laboratories – Abbott Labs lost 2.5% after the Wall Street Journal reported on Friday that the Department of Justice is investigating actions at its infant formula factory in Sturgis, Michigan.
CrowdStrike – The cybersecurity company shed nearly 2% after being downgraded by Deutsche Bank, citing increased competition.
PayPal – Shares of the payments company fell more than 1% in premarket trading after the Wall Street Journal reported that major banks are teaming up to create their own digital wallets. The wallet will be a PayPal and Apple Pay competitor.
Western Digital – The data storage company rose 4% after a report from Bloomberg late Friday that merger talks between Western Digital and Kioxia are moving forward.
Warner Music Group – The music entertainment company fell 2.45% after being downgraded by Barclays to equal weight. Warner Music’s financial performance is too volatile to justify its premium valuation, analysts say.
Tapestry – The Coach and Kate Spade parents slid 1.85% after being downgraded to equal weight from overweight by Barclays. Wall Street firms’ reasons include inflation creeping into higher household income brackets.
Skechers – Cowen updates Skechers to outperform the market performance, saying it remains the number 2 casual sneaker brand in the US and gets the choice in the survey. Consensus sales and EPS estimates are very conservative, the company said. Skechers gained almost 2% in the premarket.
Zoom Video Communication – Zoom shares fell 0.72% after MKM Partners downgraded the company to neutral from buy, citing slowing growth.
– CNBC’s Jesse Pound, Alex Harring, Samantha Subin, Carmen Reinicke and Michael Bloom contributed reporting.