Stocks making the biggest moves in the premarket: Altimeter Growth, Johnson & Johnson, FedEx & more

Check out the companies making headlines before the bell:

Altimeter Growth (AGC) — Southeast Asia's ride-hailing giant Grab is going public via a SPAC merger with Altimeter Growth, valued at nearly $40 billion. Grab says it intends to list on the Nasdaq under ticker symbol "GRAB" following the deal's completion. Altimeter's shares surged nearly 9% in premarket trading.

Johnson & Johnson (JNJ) — Shares of the drugmaker fell 2.8% in the premarket after the Food and Drug Administration said it is asking states to pause administering J&J's Covid-19 vaccine after six people in the U.S. developed a rare disorder involving blood clots. The FDA said the recommendation is "out of an abundance of caution." Moderna shares popped more than 7% in early trading on the news.

FedEx (FDX) — Shares of the shipping company rose in premarket trading about KeyBanc Capital Markets upgraded FedEx to "overweight." The Wall Street firm also set a $350 per share price target on FedEx. KeyBanc said FedEx can still grow volume even with the return to in-person shopping.

JetBlue (JBLU), Spirit Airlines (SAVE) — Shares of the airlines popped in premarket trading after Susquehanna Financial Group upgraded JetBlue and Spirit Airlines to "positive." "With a recovery in U.S. domestic air travel underway, we want to own the low-cost carriers," the firm's analyst told clients.

Booking Holdings (BKNG) — The travel company gained in premarket trading after Jefferies upgraded Booking to "buy" from "hold" on a rebound in global travel. The first also hiked its 12-month price target to $2,800 per share from $2,300 per share.

3M (MMM) — Shares of the manufacturing giant edged lower in the premarket after Deutsche Bank added a "catalyst call" sell on 3M. The Wall Street firm said the stock has curiously outperformed in recent weeks despite Deutsche Bank's expectation for a miss on upcoming earnings.

NortonLifeLock (NLOK) — The security company dipped in premarket trading after Bank of America initiated the stock with an "underperform" rating and a $19 per share price target. "Last year's COVID-related spike in demand may unwind in the next few quarters and the company may return to negative trends in churn and subscriber additions, negatively impacting the revenue growth," the firm said.

Honeywell (HON) — Shares of Honeywell rose in premarket trade after Deutsche Bank put a catalyst call "buy" rating on the stock. The firm said investors are unenthusiastic about Honeywell, despite a recovery taking hold.

Bristol-Myers Squibb (BMY) — Shares of the pharmaceutical company rose in the premarket about Truist upgraded Bristol-Myers Squibb to "buy" from "hold" with a $74 per share price target. The Wall Street firm said it likes Bristol-Myers Squibb's drug pipeline.