Wayfair, Salesforce, Paypal and more

Salesforce signage outside the New York office building.

Scott Mill | CNBC

Check out the companies making the biggest premarket moves:

Advanced micro devices — The semiconductor maker was up nearly 3% after being upgraded from an equal weight to overweight by Barclays. Barclays said it sees potential benefit from direct current and generative artificial intelligence. The company also upgraded Qualcomm and Seagate Technology from equal weight to overweight. Qualcomm and Seagate both gained more than 2%.

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wayfair — The online retailer was up more than 12% after a double upgrade from underweight to overweight by JPMorgan. The Wall Street firm cited improving trends in market share and improved management spending visibility.

Sales team —Salesforce shares gained more than 5% premarket on news that activist investor Elliott Management has reportedly taken 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 becoming increasingly interested in Shopify.

Abbott Laboratories Abbott Labs lost 2.5% following a Wall Street Journal report Friday that the Justice Department is investigating behaviors at its Sturgis, Michigan, infant formula plant.

CrowdStrike — The cybersecurity company lost almost 2% after being downgraded to ownership by Deutsche Bank, which cited increasing competition.

PayPal — Shares of the payments company fell more than 1% in premarket trading after The Wall Street Journal reported that major banks are collaborating to create their own digital wallets. The wallet would become a competitor to PayPal and Apple Pay.

Western Digital — The data storage company rose 4% following a report from Bloomberg late Friday that merger talks between Western Digital and Kioxia Holdings are progressing.

Warner music group — The music entertainment business fell 2.45% after being downgraded to equal weight by Barclays. Warner Music’s financial performance has been too volatile to warrant a higher valuation, the analysts said.

Tapestry — Coach and Kate Spade’s parents dropped 1.85% after being downgraded to equal weight from overweight by Barclays. The Wall Street company’s reasons included inflation creeping into upper-income households.

Skechers — Cowen upgraded Skechers to outperform the market, saying it remains the No. 2 casual sneaker brand in the US and is preferred in its research. According to the company, consensus sales and earnings per share estimates are too conservative. Skechers gained nearly 2% in the premarket.

Zoom video communication — Shares of Zoom fell 0.72% after MKM Partners downgraded the company from buy to neutral, citing slowing growth.

– CNBC’s Jesse Pound, Alex Harring, Samantha Subin, Carmen Reinicke and Michael Bloom contributed to the reporting.

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