Salesforce signage outside an office building in New York.
Scott Mill | CNBC
Check out the companies making the biggest pre-market moves:
Advanced micro-systems — The semiconductor maker rebounded nearly 3% after being reclassified by Barclays as overweight on a par. Barclays said it saw potential for improvement in direct-current and generative artificial intelligence. The company also upgraded overweight Qualcomm and Seagate Technology from equal weight. Qualcomm and Seagate both gained more than 2%.
Wayfair — The online retailer jumped more than 12% after being doubly overweighted by JPMorgan. The Wall Street firm cited improving market share trends and a better understanding of management spending.
Selling power – Salesforce shares gained more than 5% premarket after news broke that activist investor Elliott Management had taken a multi-billion dollar stake in the cloud-based software giant.
Shopify – The e-commerce company rose nearly 5% after it was upgraded to buy on hold by Deutsche Bank, which said brands were increasingly interested in Shopify.
Abbott Laboratories – Abbott Labs lost 2.5% following a Wall Street Journal report on Friday that the Justice Department is investigating conduct at its infant formula plant in Sturgis, Michigan.
CrowdStrike — The cybersecurity company lost nearly 2% after being downgraded by Deutsche Bank, which cited 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 wallet. The wallet is said to be a competitor to PayPal and Apple Pay.
western digital – The data storage company rose 4% after a Bloomberg report late Friday that merger talks between holding companies Western Digital and Kioxia are progressing.
Warner Music Group — The music entertainment company fell 2.45% after being downgraded by Barclays on an equal weight basis. Warner Music’s financial performance has been too volatile to warrant a higher valuation, its analysts said.
Tapestry – Parent Coach and Kate Spade slid 1.85% after being downgraded to equal weight by Barclays. The Wall Street firm’s reasons included creeping inflation toward higher household income brackets.
Skechers – Cowen upgraded Skechers to outperform the market, saying it remains the No. 2 casual sneaker brand in the United States and is gaining popularity in its survey. Consensus sales and EPS estimates are too conservative, the company said. Skechers gained almost 2% in premarket.
Focus on video communications – Zoom shares fell 0.72% after MKM Partners downgraded the company to neutral long, citing slowing growth.
– CNBC’s Jesse Pound, Alex Harring, Samantha Subin, Carmen Reinicke and Michael Bloom contributed reporting.