Business

Wayfair, Salesforce, Paypal and more

A Salesforce sign outside an office building in New York.

Scott Mlyn | CNBC

See which companies are making the biggest moves in premarket:

Advanced microdevices The semiconductor maker is up almost 3% after Barclays raised it to overweight from equal weight, saying it sees growth potential from DC and generative artificial intelligence. The firm has also upgraded Qualcomm and Seagate Technology to be heavier than before. Qualcomm and Seagate added more than 2%.

Wafer — The online retailer jumped more than 12% after being upgraded twice from undervalued to overpriced by JPMorgan. The Wall Street firm cited improved market share trends and a better understanding of costs from management.

sales department Salesforce shares rose more than 5% in premarket trading on news that activist investor Elliott Management has reportedly acquired a multibillion-dollar stake in the cloud software giant.

Shopify The e-commerce company surged almost 5% after Deutsche Bank upgraded it to buy with hold, which said brands are showing increasing interest in Shopify.

Abbot Laboratories – Abbott Labs lost 2.5% after Wall Street Journal Friday, the Department of Justice is reported to be investigating behavior at its infant formula plant in Sturgis, Michigan.

CrowdStrike The cybersecurity firm lost almost 2% after Deutsche Bank downgraded its rating to Hold, citing increased competition.

PayPal — Payments company shares fell more than 1% in premarket after Wall Street Journal it was reported that major banks are teaming up to create their own digital wallet. The wallet will compete with PayPal and Apple Pay.

western digital — Data storage company up 4% after report from Bloomberg late Friday that merger talks between holdings Western Digital and Kioxia are ongoing.

Warner Music Group The music entertainment company fell 2.45% after Barclays downgraded it to the same weight. Warner Music’s financial performance was too volatile to warrant a premium valuation, analysts said.

Tapestry Coach and Kate Spade’s parents lost 1.85% after Barclays cut them to overweight. The reasons behind the Wall Street firm included the spread of inflation to higher household income groups.

Skechers — Cowan raised Skechers to outperform the market, saying it remains the No. 2 casual sneaker brand in the U.S. and gets preference in his poll. Consensus estimates for sales and earnings per share are too conservative, the firm said. Skechers gained almost 2% in premarket.

Zoom video calling Zoom shares fell 0.72% after MKM Partners downgraded the company from Buy to Neutral, citing slower growth.

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


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