finance

Stocks Making the Biggest Moves in the Premarket: Foot Locker, Under Armour, Warner Music and More

The Charging Bull statue, also known as the Wall St. Bull, is pictured in the financial district in of New York, September 9, 2020.
Carlo Allegri | Reuters

Take a look at some of the biggest movers in the premarket:

Foot Locker (FL) – The athletic footwear and apparel retailer dropped 3.9% in the premarket after J.P. Morgan Securities downgraded it to "underweight" from "neutral," pointing to cost pressures and tougher competition.

Under Armour (UAA) – Under Armour rose 2.5% in premarket trading after a Baird upgrade to "outperform" from "neutral." Baird said the athletic apparel maker's stock would benefit from a cyclical recovery in earnings.

Warner Music (WMG) – Warner Music slid 4% in premarket action following news of an 8.6 million share sale by affiliates of stakeholder Access Industries. Warner Music will not receive any proceeds from the sale.

Apple (AAPL) – Apple remains on watch after becoming the first U.S. company to exceed $3 trillion in market value, reaching that milestone on Monday before pulling back. Apple straddled the $3 trillion price of $182.86 per share during premarket trading.

Ford Motor (F) – Ford will start accepting purchase orders this week for its F-150 Lightning electric pickup truck. It had previously shut down its reservation system for the truck due to an overwhelming response. Ford added 1.4% in the premarket.

Coca-Cola (KO) – The beverage giant's stock rose 1% in the premarket after Guggenheim upgraded the stock to "buy" from "neutral," citing a number of factors including strong emerging market performance and a faster-than-expected recovery in on-premises sales.

Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise was upgraded to "overweight" from "equal weight" at Barclays, which points to a number of factors including an attractive valuation for the enterprise technology company. Hewlett Packard Enterprise gained 2.3% in the premarket.

Toyota Motor (TM) – Toyota plans to launch its own automotive operating system by 2025, according to a report by Japan's Nikkei news service. The system would be able to handle advanced operations such as autonomous driving. Toyota rose 2.5% in premarket action, with shares benefiting as the dollar rose to a nearly five-year high against the Japanese yen.

General Electric (GE) – GE gained 1.4% in premarket trading after it was upgraded to "outperform" from "neutral" at Credit Suisse, with a price target of $122. Credit Suisse said a recent sell-off in GE shares gives investors the opportunity to benefit from a cyclical aerospace industry recovery.

BlackBerry (BB) – A judge ruled against BlackBerry's bid to have a more than eight-year-old investor lawsuit thrown out. The suit claims BlackBerry – which no longer makes smartphones and now focuses on cybersecurity software - inflated the success and profitability of its BlackBerry 10 smartphone. The class-action suit could go to trial later this year.

Blackbaud (BLKB) – The cloud software provider announced a deal to acquire social impact technology company EVERFI in a deal worth $750 million in cash and stock. Blackbaud expects the acquisition to be immediately accretive to its earnings.

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