Market Insider

Stocks making the biggest moves premarket: Delta Air Lines, Snap, Comerica, Fastenal & more

Wall Street set for a higher open after Powell's first day of testimony

Check out the companies making headlines in the premarket Thursday:

Delta Air Lines — The airline reported better-than-expected earnings, lifting its stock by more than 2%. Delta reported a profit of $2.35 per share, topping a Refinitiv estimate of $2.28. Delta also posted a record revenue of $12.5 billion for the quarter.

Amazon — Amazon unveiled plans to retrain 100,000 of its U.S. workers — or a third of its overall workforce — by 2025 to help them move to more advanced jobs or find new careers.

American Eagle Outfitters — The retailer struck a deal with cannabis company Green Growth Brands to sell its CBD-infused products online and in nearly 500 stores.

Snap — A Bank of America/Merrill Lynch analyst raised its price target on Snap to $17 per share from $12 a share, citing an uptick in Snapchat app downloads. The analyst said third-party data shows second-quarter downloads were "near record levels." Snap shares rose more than 1% in the premarket.

Target, Walmart, Costco Wholesale, Home Depot — Analysts at Goldman Sachs initiated coverage of the retailers with a "buy" rating, highlighting a "solid macro environment" that drives "strong results." Target, Walmart, Costco, and Home Depot all traded slightly higher.

Comerica — The bank's stock fell 2% after Bank of America/Merrill Lynch downgraded it to "underperform" from "buy" and slashed its price target to $71 per share from $85 a share. "CMA is the most short-rate sensitive stock in our universe, and we believe shares will continue to lag peers as the Fed cuts rates," Bank of America said.

Abercrombie & Fitch — Abercrombie shares rose 1.3% after an analyst at Wedbush upgraded the stock to "neutral" from "underperform," citing an attractive valuation and a potential revenue inflection point.

Weight Watchers — An analyst at J.P. Morgan upgraded Weight Watchers to "neutral" from "underweight" and hiked her price target to $22 per share from $17 a share. The analyst said the company's subscriber trends have "stabilized," adding: "We believe investors are beginning to look past the expected ~50% earnings decline this year and instead focus on the potential growth opportunity in 2020."

Fastenal — Fastenal shares dropped more than 4% after the industrial supplies company posted weaker-than-forecast quarterly results. The company posted earnings per share of 36 cents a share, just below a Refinitiv estimate of 37 cents a share.

Microsoft — Cowen initiated the tech giant with an "outperform" rating and a price target of $150 per share. "We expect MSFT's Commercial Cloud, including both Office 365 Commercial and Azure, to be the primary driver of growth going forward," Cowen said.

—CNBC's Michael Bloom contributed to this report.