Check out the companies making the biggest moves in premarket trading: Rivian Automotive — The EV stock added nearly 4% following an upgrade by Piper Sandler to overweight . The firm also upped its price target to $21 from $15, suggesting 96% upside from Thursday’s close. Analyst Alexander Potter cited Rivian’s new product launch and its decision to delay capital spending for the call. Micron Technology — The semiconductor stock added 2.5%. On Friday, Citi named Micron one of its top picks and increased its price target to $150 from $95, suggesting 64% upside. The bank believes Micron’s stock should get a premium given its increasing exposure to artificial intelligence. Adobe — Shares fell 11% a day after the software company issued weak revenue guidance for its current quarter. However, Adobe topped expectations for earnings and revenue for its fiscal first quarter. It also announced a $25 billion share buyback. Ulta Beauty — Shares tumbled 6.5% a day after the beauty retailer issued full-year earnings guidance that came in on the low end of the consensus forecast. However, Ulta reported an earnings and revenue beat for its fourth quarter. Crypto stocks — Stocks connected to cryptocurrencies fell as bitcoin retreated from its recent highs. Coinbase and Microstrategy shed about 6% and 5%, respectively. Marathon Digital slipped 4%. Shares had ripped higher as bitcoin climbed. Cardlytics — Shares soared 50% a day after the advertising company’s 2023 adjusted earnings before interest, taxes, depreciation and amortization turned positive for the first time since 2019. Its first-quarter forecast also came in higher than expected. PagerDuty — Shares dropped 8.5% after the IT company, specializing in incident responses, issued a weaker-than-expected forecast, even as its latest quarterly results beat expectations. For the first quarter, PagerDuty expects adjusted per-share earnings of 12 cents to 13 cents, weaker than the LSEG consensus estimate of 18 cents. Revenue guidance is in the range of $110.5 million and $112.5 million also below the $113.4 million analyst expectation. Smartsheet — The stock shed more than 8% a day after the business software provider gave revenue guidance for the current quarter and full year that missed analysts’ expectations. Zumiez — Shares declined 11% following the specialty retailer’s weak outlook. After the close Thursday, Zumiez guided for a first-quarter loss of between $1.09 and $1.19 per share, versus the consensus estimate of a 34 cents per share loss, according to FactSet. Revenue guidance also fell short. —CNBC’s Sarah Min contributed reporting.
Source: www.cnbc.com