Market Insider

Stocks making the biggest moves premarket: SBUX, TWTR, MYL, AMZN & more

Brendan McDermid | Reuters

Check out which companies are making headlines before the bell:

Starbucks — Shares of Starbucks fell more than 1 percent in the premarket after the company announced Howard Schultz is stepping down as executive chairman, effective June 26. The move by Schultz has sparked speculation about a possible future in politics, having been a supporter of former President Barack Obama and former presidential candidate Hillary Clinton.

Twitter — The social media company's stock rose more than 4 percent before the bell on news it will replace Monsanto in the S&P 500 index. The change will go into effect before the open on Thursday.

Apple — The tech giant announced several new features and upgrades to its product line at its annual developers conference, including a new mobile operating system. The new system, called iOS 12, makes keyboards and cameras on iPhones and iPads respond faster, and includes a set of tools aimed at fighting tech addiction.

Mylan — Mylan shares rose more than 4 percent in the premarket after the company, along with India's Biocon, received Food and Drug Administration approval for Fulphila, a biosimilar drug to Neulasta, which aims at reducing the risk of infections during cancer treatment.

Facebook, Alphabet — Facebook and Alphabet's Google are being sued by Washington state for an alleged violation of state campaign law. State Attorney General Bob Ferguson said the companies failed to disclose ad spending in state elections since 2013.

Take-Two Interactive — BMO Capital Markets downgraded the stock to "market perform" from "outperform," citing a potential slowdown in key gaming franchises like NBA 2K and Grand Theft Auto. "We are concerned investor expectations for the Red Dead Redemption 2 release could be overly optimistic," said the analysts, who also cut their price target on the stock to $116 a share from $135 a share.

Palo Alto Networks — Palo Alto Networks reported adjusted earnings per share and revenue for fiscal third quarter that topped analysts' expectations. The company also named Nikesh Arora, a former executive at Google and SoftBank, as its new CEO.

Discovery — Analysts at MKM Partners upgraded Discovery to "buy" from "neutral," citing an attractive valuation and potential for growth, among other factors. "In our view, Discovery's shares do not adequately reflect the quality of its multi-year growth drivers and its potential upside opportunities," the analysts said.

Amazon — Sources told CNBC-TV18 that the e-commerce giant will increase its investment in India to $7 billion from $5 billion. "Amazon is betting big on the India market," one of the sources said.