Categories: Business

Wayfair, Salesforce, Paypal and extra

Salesforce signage in front of office building in New York.

Scott Mill | CNBC

Check out the companies making the biggest steps before going to market:

modern micro devices — The semiconductor maker rose almost 3% after being upgraded from equal weight to overweight by Barclays. Barclays said it sees potential benefits in DC and generative artificial intelligence. The company also upgraded Qualcomm and Seagate Technology to overweight from equal weight. Qualcomm and Seagate both gained more than 2%.

Wayfair — The online retailer is up more than 12% after being double upgraded from underweight to overweight by JPMorgan. The Wall Street company cited improved market share trends and a better understanding of management’s spending.

Foreclosure – Salesforce shares are up more than 5% premarket after 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 increasingly interested in Shopify.

Abbott Laboratories – Abbott Labs shed 2.5% after Friday’s Wall Street Journal report that the Justice Department is investigating behavior at its infant formula plant in Sturgis, Michigan.

CrowdStrike — The cybersecurity company fell almost 2% after being downgraded to hold by Deutsche Bank, which cited increasing competition.

PayPal — Shares of the payments company fell more than 1% in premarket trading after the Wall Street Journal reported that major banks are teaming up to create their own digital wallet. The wallet would compete with PayPal and Apple Pay.

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

Warner Music Group — The music entertainment company fell 2.45% after being downgraded to equal weight by Barclays. Warner Music’s financial performance was too volatile to warrant a premium rating, analysts said.

tapestry – Coach and Kate Spade’s parents slipped 1.85% after being downgraded to equal weight by Barclays for being overweight. One of the reasons for the Wall Street venture was inflation creeping into higher income brackets of households.

skechers – Cowen has upgraded Skechers to outpace market performance and said it remains the #2 casual sneaker brand in the US and is preferred in its survey. Consensus estimates of sales and earnings per share are overly conservative, the company said. Skechers is up almost 2% in premarket trading.

Zoom video communication — Shares of Zoom slipped 0.72% after MKM Partners downgraded the company from “buy” to “neutral” citing slowing growth.