Stocks making the biggest premarket moves: Apple, Meta, DraftKings, Catalent and more

Apple - Pre-market, shares of Apple, the iPhone maker, experienced a 1% decline after Loop Capital downgraded the stock from buy to hold. Loop Capital predicts that Apple will fall short of its revenue guidance for the June quarter, as stated in a note released on Monday.

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Meta - The shares of the social media company dipped over 1% in pre-market trading following news of a record fine of 1.2 billion euros ($1.3 billion) imposed by European privacy regulators for the transfer of EU user data to the U.S. The Irish Data Protection Commission also instructed Meta to suspend any future transfer of personal data to the U.S. Meta intends to appeal the decision and the fine.

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Micron Technology - Shares of the U.S. chipmaker dropped more than 4% after China's Cyberspace Administration prohibited operators of critical information infrastructure in China from purchasing Micron's products. Other chip stocks also experienced declines, with Advanced Micro Devices falling 1.4% and Nvidia slipping nearly 1%.

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PacWest - The shares of the closely monitored regional bank rose 3.5% before the market opened. The bank sold $2.6 billion worth of construction loans to a subsidiary of Kennedy-Wilson Holdings.

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Nike, Foot Locker - In pre-market trading, shares of Nike and Foot Locker declined 1.5% and 2.4% respectively. The decline follows Foot Locker's disappointing results last week, which raised concerns about other sports apparel retailers. Foot Locker missed expectations for both revenue and earnings in its first fiscal quarter and lowered its guidance.

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DraftKings - Shares of the sports betting company rose approximately 3% before the market opened. UBS upgraded the shares to a buy rating from neutral, citing expected growth fueled by expansion into new markets.

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Norfolk Southern, CSX - Shares of the railroad companies increased by 1.8% and 1.5% respectively in pre-market trading. Citi upgraded Norfolk Southern from neutral to buy, while Wells Fargo upgraded the stock to overweight from equal weight. Citi also upgraded CSX to buy.

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Catalent - The shares of the pharmaceutical company declined 2.5% on Monday morning. JPMorgan downgraded Catalent from overweight to neutral on Friday, citing current productivity issues and macro headwinds as reasons. The stock had surged 15.6% in the previous trading session after the company provided a business update.

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