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Stocks Making the Biggest Premarket Moves: Astrazeneca, Wayfair, Alibaba and More

September 22, 2023
minute read

Check out the companies making headlines in early trading.

AstraZeneca:Shares of the British pharmaceutical company rose by over 2.7% in premarket trading following the announcement of positive trial results for its drug Dato-DXd in the treatment of a common type of breast cancer.

Wayfair:Wayfair's shares increased by more than 2% after an upgrade by Bernstein from "underperform" to "market perform." The upgrade cited improving revenue growth and margin commentary.

Chinese e-commerce stocks:U.S.-listed shares of Alibaba, PDD Holdings, and JD.com all saw gains in premarket trading, with nearly 4% for Alibaba and PDD Holdings and 3.3% for JD.com. This positive movement followed a report that China is considering easing rules that limit foreign investment in domestic publicly traded companies.

Seagen:Shares of the biotech firm experienced a nearly 4% rise in premarket trading after reporting positive topline results from a clinical trial for treating previously untreated bladder cancer. The results indicated improvements in overall survival and progression-free survival compared to chemotherapy.

Deere:The tractor manufacturer's stock dipped by approximately 1% after Canaccord Genuity downgraded its rating from "buy" to "hold." The downgrade cited slowing growth in large agricultural equipment and normalized dealer inventories.

Arm Holdings:Shares of the chip designer increased by 1.3% in premarket trading. Despite a strong start with a nearly 25% jump during its public trading debut, the stock currently trades slightly above its $51 IPO price. Susquehanna initiated a neutral rating on the company in a recent note.

Charter Communications:Shares of Charter Communications gained about 2% following an upgrade to an overweight rating by Wells Fargo. The upgrade noted the potential contributions of Charter's mobile roll-to-pay offering and rural growth to accelerating EBITDA and free cash flows.

Ralph Lauren:The clothing brand's shares saw a modest increase of nearly 1% after Raymond James initiated an overweight rating. Analyst Rick Patel anticipates a 20% upside potential from Thursday's closing share price.

Yeti:Yeti's shares experienced a slight premarket decline of approximately 0.4%. Despite this, Jefferies referred to Yeti as a "best-in-class" favorite in the drinkware category, even as new entrants enter the market.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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