Stocks making the biggest moves premarket: Oracle, Urban Outfitters, Apple and more
Check out the companies making headlines before the bell.
Oracle — Shares jumped more than 5% after Oracle announced a beat on top and bottom lines for the fiscal fourth quarter. Meanwhile, CEO Safra Catz said she expects adjusted earnings in the fiscal first quarter of $1.12 to $1.16 per share. Analysts polled by Refinitiv had expected $1.14 in adjusted earnings.
Urban Outfitters — Shares rose 3.4% following an upgrade to overweight from equal weight by Morgan Stanley. The firm said the retailer has a de-risked 2023 forecast and low valuation.
Apple — Apple declined 0.7% in the premarket after UBS downgraded the stock to neutral from buy late Monday. The Wall Street firm said it sees continued pressure for iPhone demand even with support from emerging markets.
First Horizon — Shares fell 1.2% after JPMorgan Chase moved to a neutral rating on First Horizon. It previously had an overweight rating. The firm said the near-term outlook seems uncertain amid rising expenses.
Zions Bancorporation — Shares dipped 1.6% after the regional bank said its net interest income outlook was "decreasing." The bank's previous guidance described the outlook as "moderately decreasing," according to StreetAccount. The update came in a presentation published Monday afternoon.
Bunge — The agriculture company said it would combine with Rotterdam, Netherlands-based Viterra in a stock and cash deal. The agreement values Bunge at more than $8 billion. As part of the deal, Bunge would take on $9.8 billion of Viterra's debt. Bunge shares fell 1.9% in premarket trading.
Home Depot — The retailer added 0.7% in premarket trading. The company reiterated earnings decline projections for fiscal year 2024 of 7% to 13% year over year. Home Depot is also slated to hold an investor day at 9 a.m. EST.
Ulta Beauty — The beauty stock rose 0.8% after Loop Capital upgraded Ulta Beauty to buy from hold. The firm said Ulta's expansion into the luxury category "represents a multi-year comparable sales growth driver," and its partnership with Target will "drive incremental income."
— CNBC's Brian Evans, Alex Harring, Hakyung Kim and Jesse Pound contributed reporting.