A Salesforce sign outside an office building in New York.
Scott Mlyn | CNBC
Check out the companies making the biggest pre-marketing moves:
Advanced micro-device – Semiconductor manufacturers grew by nearly 3% after Upgraded by Barclays to overweight from equal weight, said they see growth potential from artificial intelligence direct current and generation. The company also upgraded Qualcomm and Seagate Technology to the same weight. Qualcomm and Seagate are both up more than 2%.
fair – Online retailer has grown more than 12% after doubling upgrade to overweight from JPMorgan’s underweight. The Wall Street firm cites trends of improved market share and better spending capture from management.
Sales force — Salesforce shares jumped more than 5% on marketing before news activist investor Elliott Management reported billion dollar shares in the cloud-based software giant.
Shopify — The e-commerce company grew by nearly 5% after upgrade to buy held by Deutsche Bank, says brands are increasingly interested in Shopify.
Abbott Laboratories – Abbott Labs lost 2.5% after one The Wall Street Journal reported Friday that the Justice Department was investigating conduct at an infant formula factory in Sturgis, Michigan.
The crowd goes on strike – The cybersecurity firm fell nearly 2% after being downgraded to a holding level by Deutsche Bank, citing increasing competition.
PayPal — The payments company’s stock fell more than 1% in premarket trading after The Wall Street Journal reports that major banks are teaming up to create their own digital wallets. The wallet will be a competitor to PayPal and Apple Pay.
Western Digital — The data storage company grew 4% after the report from Bloomberg late Friday that merger talks between the shares of Western Digital and Kioxia were progressing.
Warner Music Corporation — Shares of the music entertainment company fell 2.45% after being downgraded to the same level by Barclays. Analysts say Warner Music’s financial performance is too volatile to justify a high valuation.
carpet – Coach and Kate Spade’s parent company fell 1.85% after being downgraded to balanced by Barclays due to being overweight. The Wall Street firm’s reasons include escalating inflation to higher household incomes.
Skechers — Cowen upgraded Skechers to outperform the market, saying it is still the #2 casual sneaker brand in the US and growing in popularity in his survey. Consensus revenue and EPS estimates are too conservative, the company said. Skechers were up nearly 2% on the pre-market.
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.
