Stocks making the biggest moves premarket: SoFi, Nucor, Starbucks, CSX & more

Check out the companies making headlines in premarket trading Wednesday.

Starbucks – Shares of Starbucks gained nearly 1% after the company boosted its long-term forecast and said it expects double-digit growth for revenue and earnings per share over the next three years.

Palo Alto Networks – Cybersecurity company Palo Alto Networks rose slightly following a three-for-one stock split, which took place on Tuesday. In addition, CEO Nikesh Arora told CNBC that the company is not seeing the same macro impact slowdown on cybersecurity that other sectors are experiencing.

Nucor —Nucor fell 5% after the steel producer issued disappointing third-quarter earnings guidance. The company expects earnings per share to range between $6.30 and $6.40, well below a StreetAccount forecast of $7.56. "We expect the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes," Nucor said.

Nikola — Nikola shares rose slightly after BTIG upgraded the EV maker to buy from neutral. BTIG noted that it sees "the potential for increasing demand for green hydrogen driven by increasing wind and solar power generation."

SoFi Technologies — SoFi rose more than 2% after Bank of America upgraded the fintech stock to buy from neutral. "We see potential for a meaningful catalyst path over the next few quarters as SoFi benefits from the student loan payment moratorium ending and its high-profile NFL-aligned marketing investments drive user growth and engagement," BofA said.

Moderna – Shares of Moderna rose 0.6% after the company's CEO said it would be open to supplying covid vaccines to China.

Bristol-Myers Squibb – Shares of Bristol-Myers Squibb slipped 0.7% after Berenberg downgraded the company to hold from buy. The firm said the stock is running out of room to gain.

Merck & Co – Shares of Merck rose 0.7% after Berenberg upgraded it to buy from hold and boosted its price target, signaling it could climb another 17%.

Railroad stocks – Shares of railroad company stocks slumped Wednesday as the sector contends with a potential strike that could limit service. Union Pacific fell 1.9% while CSX, Norfolk Southern Corp. also slipped ahead of market open.

Correction: A previous version misspelled Norfolk Southern.