Salesforce signage outside office building in New York.
Scott Mill | cnbc
Check out the companies making the biggest premarket moves:
Advanced Micro Devices – Stuck around 3% after being a semiconductor maker advanced by barclays Equal Weight Overweight, which said it sees potential upside from direct-current and generative artificial intelligence. The firm also upgraded Qualcomm and Seagate Technology to higher weights from similar weights. Qualcomm and Seagate both gained more than 2%.
wayfair — The online retailer jumped more than 12% after doubling upgraded to overweight From Underweight by JP Morgan. The Wall Street firm cited improving market share trends and a better grip on spending from management.
sales force Shares of Salesforce gained more than 5% premarket on the news that activist investor Elliott Management has reportedly taken a multi billion dollar stake In the cloud-based software giant.
Shopify The e-commerce company grew by about 5 percent after being upgraded to purchase From the holding of Deutsche Bank, which said that there is a growing interest of brands in Shopify.
Abbott Laboratories – Abbott Labs lost 2.5% wall street journal report Friday that the Justice Department is investigating conduct at its infant-formula plant in Sturgis, Michigan.
crowdstrike — The cybersecurity company shed nearly 2% after it was downgraded to hold by Deutsche Bank, which cited intense competition.
paypal Shares of the payments company fell more than 1% in premarket trading. wall street journal It is reported that big banks are teaming up to create their own digital wallets. Wallet will be a competitor to PayPal and Apple Pay.
Western Digital — rose 4% after a report from the data storage company Bloomberg Merger talks are underway between Western Digital and Kioxia Holdings late Friday.
warner music group – The music entertainment company fell 2.45% after being downgraded to equal weight by Barclays. Its analysts said Warner Music’s financial performance has been too volatile to justify a premium valuation.
tapestry – Koch and Kate Spade parent slipped 1.85% after being downgraded from overweight to equal weight by Barclays. Wall Street firms’ reasons include inflation creeping into higher household income groups.
Skechers — Cowen upgraded Skechers to Outperform the market, saying it remains the No. 2 casual sneaker brand in the U.S. and is gaining favor in its survey. The firm said the consensus sales and EPS estimates are very conservative. Skechers gained about 2% in the premarket.
zoom video communication – Zoom shares declined 0.72% after MKM Partners cited slow growth to review the company from buy to neutral.
— CNBC’s Jesse Pound, Alex Haring, Samantha Subin, Carmen Renicke and Michael Bloom contributed reporting.