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Stocks making the biggest moves premarket: CVX, MGM, ANTM, IBM, CREE, AMZN & more

Check out which companies are making headlines before the bell:

Chevron – The energy giant's stock was downgraded to "market perform" from "outperform" at BMO Capital Markets after the stock reached the firm's $120 per share price target. BMO said Chevron does have promising growth prospects but not enough to justify a widening valuation premium.

MGM Resorts – Stifel Nicolaus cut its rating on the resort operator's stock to "hold" from "buy," and removed it from the "Stifel Select List." Stifel said it does not see any compelling growth catalysts over the next year that would justify the "buy" rating.

Anthem – The health insurer established a new pharmacy benefits unit known as IngenioRx, which will begin offering a suite of pharmacy benefit services beginning in 2020. CVS Health has signed a five-year contract to provide services for IngenioRx, starting in 2020.

IBM – IBM reported adjusted quarterly earnings of $3.30 per share, two cents a share above estimates. Revenue also exceeded forecasts, but IBM did report its 22nd consecutive quarter of year-over-year revenue declines. The company continues to transition to newer, higher growth businesses.

Cree – Cree earned an adjusted four cents per share for its latest quarter, matching forecasts, with the lighting product's companies revenue also matching estimates. The stock is being pressured, however, by a lower-than-expected current-quarter outlook. – Amazon said the head of Amazon Studios, Roy Price, resigned from that job following his suspension over sexual harassment allegations. He had been put on leave last week after the allegations first surfaced.

Rio Tinto – Rio Tinto and two former top executives were charged with fraud by the Securities and Exchange Commission, which accused the mining company of inflating the value of coal assets in Mozambique and concealing critical information while raising billions of dollars from investors.

AstraZeneca, Merck – The drugmakers received good news on their jointly developed ovarian cancer drug Lynparza, with the Food and Drug Administration granting priority review for use of the drug to treat breast cancer. That puts the drug on track for possible approval for the new use during the first quarter of 2018. Separately, Merck was upgraded to "buy" from "neutral" at Citi, based on increased sales forecasts for Merck's Keytruda cancer drug.

McDonald's – McDonald's is reportedly the subject of a probe in South Korea, following complaints of illness following the consumption of allegedly undercooked hamburger patties. Media reports in that country say investigators have raided the McDonald's office in Seoul in search of evidence.

ADP - Activist investor Bill Ackman's Pershing Square continues its push for board seats at ADP, holding an event this Thursday at which Ackman and two dissident board candidates will be interviewed by a Sanford C. Bernstein analyst. The ADP board vote will take place at the annual meeting November 7.

Viacom – Viacom has struck a carriage agreement with Spectrum, the cable operator owned by Charter Communications. That will keep Viacom networks like Nickelodeon and Comedy Central on Spectrum's systems in 16.6 million households.

JPMorgan Chase – The bank is buying payments technology company WePay for an undisclosed amount, though a source quoted by The Wall Street Journal said it was above the roughly $220 million valuation that stemmed from a 2015 fundraising round.

Verizon – Verizon will pay $17.7 million to resolve Justice Department allegations regarding its "E-rate" program, which provides subsidized broadband service to schools and libraries. Regulators had accused Verizon of invoicing the Federal Communications Commission for charges not allowed under the E-rate contract, but Verizon maintained that it was a victim of fraud by a consultant who was eventually sentenced to 37 months in prison.

Tesla – Tesla has yet another competitor for its electric vehicles, with Volvo unveiling its first high-performance electric car model in Shanghai.

Microsoft – Microsoft has added a new model to its Surface lineup, with a 15-inch laptop designed to compete with Apple's MacBook Pro.

Ulta Beauty – The cosmetics retailer was downgraded to "neutral" from "overweight" at Piper Jaffray, which cited a survey showing a slowdown in beauty spending by teenagers. Ulta had been removed from the "Conviction Buy" list at Goldman Sachs earlier this week.

Select Comfort – Select Comfort reported quarterly profit of 62 cents per share, falling six cents a share shy of forecasts. The mattress maker's revenue was also short of analysts' estimates. The maker of the Sleep Number mattress line said its results were impacted by the hurricanes that occurred in August and September.