Stocks making the biggest moves premarket: Netflix, Alphabet, Nordstrom, PagerDuty and more
Check out the companies making headlines before the bell:
Netflix — The streaming stock jumped more than 6% after Netflix reported its latest quarterly results. While Netflix missed earnings expectations, it added more subscribers than analysts were forecasting. The firm also announced that co-CEO Reed Hastings would step down from the role.
Alphabet — The Google parent saw shares rise 3.6% after CEO Sundar Pichai announced the company will lay off 12,000 employees and explained in a memo that the company "hired for a different economic reality than the one we face today."
Eli Lilly — Shares of the pharmaceutical company slumped more than 1% in premarket after the U.S. Food and Drug Administration rejected the drugmaker's experimental Alzheimer's disease treatment, as it had not provided enough trial data.
Ralph Lauren — The stock rose more than 1% after Barclays upgraded Ralph Lauren to overweight, saying investors are buying a "best-in-class" apparel brand with continued elevation. Separately, Barclays upgraded shares of PVH, which owns Tommy Hilfiger and Calvin Klein brands, to overweight.
Regeneron Pharmaceuticals — The pharmaceutical giant gained 1% in the premarket after being upgraded to overweight from neutral by JPMorgan. The Wall Street firm said its drug that treats age-related macular degeneration is "best in class therapy" and could serve as the next big catalyst for Regeneron.
PagerDuty — Shares jumped more than 4% after Morgan Stanley upgraded PagerDuty to overweight from equal weight, saying the cloud computing company is pushing toward better profitability.
Salesforce — The stock dipped more than 1% after Cowen downgraded it to market perform from outperform, saying it sees "elevated levels of disruption risk" given a tougher macro backdrop that could hurt customer spending.
Nordstrom — Shares of the retailer fell 7% in premarket trading after Nordstrom announced that its holiday sales fell 3.5% year over year. In a statement, CEO Erik Nordstrom described the retail environment as "highly promotional." The company also lowered its earnings outlook.
Macy's — Retail stocks such as Macy's declined following disappointing holiday sales from Nordstrom. Shares of Macy's fell more than 2%, while Kohl's declined 4%. Dillard's dipped 1.3%.
Costco — Shares rose about 1% after Costco said it would reauthorize a stock repurchase program of up to $4 billion through January 2027.
— CNBC's Michelle Fox, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting.
Correction: Nordstrom reported disappointing holiday sales numbers, not its latest quarterly figures.