An Activision Blizzard’s Call of Duty: Modern Warfare video game is inserted into Microsoft’s Xbox One video game console.
Michael Ciaglo | Bloomberg | Getty Images
Discover the companies experiencing significant momentum before the opening bell.
Activision Blizzard — Following Microsoft’s acquisition of Activision Blizzard, the video game maker surged by 4% after signing a deal with Sony to keep Call of Duty on Sony’s PlayStation gaming consoles.
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Chewy — Goldman Sachs upgraded Chewy shares to buy from neutral, causing a more than 5% increase. The firm sees an attractive risk/reward profile for the e-commerce pet products company and expects to see margins expand.
PepsiCo — Morgan Stanley downgraded PepsiCo to equal weight from overweight, leading to a 1.2% drop. The firm believes that Pepsi’s stock has already priced in its strong earnings report and doesn’t see much upside potential.
Yelp — Goldman Sachs upgraded Yelp to buy from neutral, resulting in a 3.6% gain. The bank also raised the price target for Yelp, projecting a 23.3% upside from Friday’s close, citing various positive factors for the stock.
Tesla — The premarket trading of the electric vehicle manufacturer increased by nearly 2%. Tesla announced the completion of its first cybertruck after a two-year delay.
Paramount Global — Following a disappointing performance of the latest “Mission: Impossible” film, Paramount Global’s shares dropped by 2.8% in premarket trading. The movie’s box office numbers were below expectations, with $56.2 million domestically over the weekend and $80 million in the first five days of release, according to Variety.
AT&T — Citi downgraded AT&T to neutral from buy, causing a 1.5% decline. Citi cited concerns over the historical use of lead sheathed cabling in the industry, which could negatively impact AT&T’s performance.
State Street — In premarket trading, the financial giant experienced a 2% decline after being downgraded by JPMorgan to underweight from neutral. State Street’s second-quarter revenue missed estimates, resulting in a 12.1% drop in shares on Friday.
Figs — Raymond James downgraded Figs to market perform from outperform, causing a 4.6% decline in premarket trading. The firm believes that the slowing economy and the restart of student loan payments could negatively impact Figs’ growth in the short term.
— Reporting by CNBC’s Jesse Pound, Hakyung Kim, and Michael Bloom.
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