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Stocks making the biggest moves premarket: Fitbit, Xerox, Ford, Five Below, TripAdvisor & more

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Check out the companies making headlines in the premarket Monday:

Ford Motor — The carmaker unveiled the Mustang Mach-E, Ford's first all-electric SUV that starts at about $44,000. The Mach-E's pricing, performance, and range are expected to be comparable with the Model Y, an upcoming SUV from Tesla.

Splunk — Shares of the data software company rose about 3% before the bell on the back of a Morgan Stanley upgrade to "overweight" from "equal weight." The analyst said Splunk's shift to a recurring sales model potentially reveals a "durable" annual recurring revenue of at least 25%.

Five Below — An analyst at J.P. Morgan added the discount store company to his "focus list," citing potential upside to Wall Street's consensus estimate around Five Below's same-store sales.

Fitbit — Several Fitbit users told CNBC they were searching for an alternative to the company's fitness trackers after Alphabet's Google announced its purchase of the company earlier this month. The users said they're getting rid of their Fitbit trackers because they don't trust the search giant.

Workday — An analyst at Morgan Stanley downgraded Workday's stock to "equal weight" from "overweight," noting that slowing momentum in the human capital management segment and "a more difficult spending environment lead us to trim our near-term forecasts." Shares fell nearly 2%.

HP Inc., Xerox — HP Inc.'s board unanimously rejected an acquisition bid from Xerox, saying the offer would undervalue the company. The board also said it considered the "highly conditional and uncertain nature of the proposal, including the potential impact of outsized debt levels on the combined company's stock." Xerox shares dipped 2.4% in the premarket, while HP Inc. slid 0.9%.

TripAdvisor — TripAdvisor shares gained 1.1% in the premarket after an analyst at Cowen upgraded the stock to "market perform" from "outperform." The analyst pointed to a potential recovery in TripAdvisor's online search metrics moving forward after a "major SEO shortfall."

Dunkin' Brands — Dunkin' Brands banned the use of its "double cup" in New England in an effort to move away from foam to paper coffee cups. The company added its foam cups will be eliminated globally in 2020.

CNBC's Michael Bloom contributed to this report.

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