Stocks making the biggest moves in the premarket: Foot Locker, Under Armour, Warner Music and more
Take a look at some of the biggest movers in the premarket:
Foot Locker (FL) – The athletic footwear and apparel retailer dropped 3.9% in the premarket after J.P. Morgan Securities downgraded it to "underweight" from "neutral," pointing to cost pressures and tougher competition.
Under Armour (UAA) – Under Armour rose 2.5% in premarket trading after a Baird upgrade to "outperform" from "neutral." Baird said the athletic apparel maker's stock would benefit from a cyclical recovery in earnings.
Warner Music (WMG) – Warner Music slid 4% in premarket action following news of an 8.6 million share sale by affiliates of stakeholder Access Industries. Warner Music will not receive any proceeds from the sale.
Apple (AAPL) – Apple remains on watch after becoming the first U.S. company to exceed $3 trillion in market value, reaching that milestone on Monday before pulling back. Apple straddled the $3 trillion price of $182.86 per share during premarket trading.
Ford Motor (F) – Ford will start accepting purchase orders this week for its F-150 Lightning electric pickup truck. It had previously shut down its reservation system for the truck due to an overwhelming response. Ford added 1.4% in the premarket.
Coca-Cola (KO) – The beverage giant's stock rose 1% in the premarket after Guggenheim upgraded the stock to "buy" from "neutral," citing a number of factors including strong emerging market performance and a faster-than-expected recovery in on-premises sales.
Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise was upgraded to "overweight" from "equal weight" at Barclays, which points to a number of factors including an attractive valuation for the enterprise technology company. Hewlett Packard Enterprise gained 2.3% in the premarket.
Toyota Motor (TM) – Toyota plans to launch its own automotive operating system by 2025, according to a report by Japan's Nikkei news service. The system would be able to handle advanced operations such as autonomous driving. Toyota rose 2.5% in premarket action, with shares benefiting as the dollar rose to a nearly five-year high against the Japanese yen.
General Electric (GE) – GE gained 1.4% in premarket trading after it was upgraded to "outperform" from "neutral" at Credit Suisse, with a price target of $122. Credit Suisse said a recent sell-off in GE shares gives investors the opportunity to benefit from a cyclical aerospace industry recovery.
BlackBerry (BB) – A judge ruled against BlackBerry's bid to have a more than eight-year-old investor lawsuit thrown out. The suit claims BlackBerry – which no longer makes smartphones and now focuses on cybersecurity software - inflated the success and profitability of its BlackBerry 10 smartphone. The class-action suit could go to trial later this year.
Blackbaud (BLKB) – The cloud software provider announced a deal to acquire social impact technology company EVERFI in a deal worth $750 million in cash and stock. Blackbaud expects the acquisition to be immediately accretive to its earnings.