Stocks making the biggest moves premarket: Acacia Communications, PepsiCo, 3M, Snap & more

Check out the companies making headlines in the premarket Tuesday:

Acacia Communications — Acacia shares surged 38% after announcing it will be acquired by Cisco Systems for $70 per share in cash, or approximately $2.6 billion. The deal is expected to close in second half of Cisco's fiscal 2020.

PepsiCo — The beverage and snacks maker reported better-than-expected quarterly results, sending its stock up 1% in the premarket. PepsiCo posted adjusted earnings per share of $1.54 on revenue of $16.45 billion. Analysts polled by Refinitiv expected a profit of $1.50 per share on sales of $16.43 billion.

Piper Jaffray — The investment bank announced it will buy Sandler O'Neill for $485 million. Piper will pay $350 million in cash to Sandler shareholders and $135 million in stock. The combined company will be called Piper Sandler Companies. The two companies expect the deal to close by January 2020.

3M — Shares of 3M fell more than 1% after an analyst at RBC Capital Markets downgraded the Dow component to "sector perform" from "outperform." The analyst also slashed his price target on the stock to $176 per share from $207 a share. "After an unsettling string of guidance cuts, 3M's reputation as a defensive, high-quality industrial is eroding," the analyst said.

Chewy — J.P. Morgan initiated coverage of the online pet food retailer with an "overweight" rating and a $42 per share price target, citing a market share of about 50%. Analysts at UBS and Wells Fargo also initiated the stock with positive ratings.

Snap — Credit Suisse raised its price target on Snap to $18 per share from $15 a share, as the social media company still has "significant room for the company to increase the ad load in pursuit of revenue growth."

Hilton Worldwide, Marriott International — An analyst at J.P. Morgan downgraded the hotel operators to "neutral" from "overweight" as recent share performance, high valuations, "an extended cycle and decelerating industry trends all point to diminished upside from here."

Square — Raymond James upgraded Square to "market perform" from "underperform," citing a more attractive risk/reward balance. "Although the stock remains expensive … we do believe the B2B/Seller card is gaining traction and could provide enough momentum to exceed expectations in 2H19," Raymond James said.

Facebook — The company said it was not invited to a White House summit being held later this week. President Donald Trump has repeatedly attacked Facebook for being "biased" against Republicans.