Stocks making the biggest moves premarket: Wayfair, Salesforce, Paypal and more

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Salesforce signage outside office building in New York.
Scott Mlyn | CNBC

Check out the companies making the biggest premarket moves:

Advanced Micro Devices — The semiconductor maker rallied nearly 3% after being upgraded by Barclays to overweight from equal weight. Barclays said it sees potential upside from direct-current and generative artificial intelligence. The firm also upgraded Qualcomm and Seagate Technology to overweight from equal weight. Qualcomm and Seagate both gained more than 2%.

Wayfair — The online retailer jumped more than 12% after being double upgraded to overweight from underweight by JPMorgan. The Wall Street firm cited improving market share trends and a better grasp on spending from management.

Salesforce — Salesforce shares gained more than 5% premarket on news that activist investor Elliott Management has reportedly taken a multibillion-dollar stake in the cloud-based software giant.

Shopify — The e-commerce company rose nearly 5% after being upgraded to buy from hold by Deutsche Bank, which said brands are growing increasingly interested in Shopify.

Abbott Laboratories — Abbott Labs lost 2.5% following a Wall Street Journal report Friday that the Justice Department is investigating conduct at its infant-formula plant in Sturgis, Michigan.

CrowdStrike — The cybersecurity company shed nearly 2% after being downgraded to hold by Deutsche Bank, which cited intensifying competition.

PayPal — Shares of the payment company dipped more than 1% in premarket trading after The Wall Street Journal reported that large banks are teaming up to create their own digital wallet. The wallet would be a competitor to PayPal and Apple Pay.

Western Digital — The data storage company rose 4% after a report from Bloomberg late Friday that merger talks between Western Digital and Kioxia holdings are progressing.

Warner Music Group — The music entertainment company dropped 2.45% after being downgraded by Barclays to equal weight. Warner Music’s financial performance has been too volatile to justify a premium valuation, its analysts said.

Tapestry — The Coach and Kate Spade parent slid 1.85% after being downgraded to equal weight from overweight by Barclays. The Wall Street firm’s reasons included inflation creeping to higher household income brackets.

Skechers — Cowen upgraded Skechers to outperform from market perform, saying it remains the No. 2 casual sneaker brand in the U.S. and is gaining preference in its survey. Consensus sales and EPS estimates are too conservative, the firm said. Skechers gained nearly 2% in the premarket.

Zoom Video Communications — Shares of Zoom slipped 0.72% after MKM Partners downgraded the company to neutral from buy, citing slowing growth.

— CNBC’s Jesse Pound, Alex Harring, Samantha Subin, Carmen Reinicke and Michael Bloom contributed reporting.

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