Stocks Making the Biggest Premarket Moves: Uber, Gap, Caterpillar And More

Here are the companies making headlines before the bell on Tuesday:

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SoFi Technologies: The financial technology stock declined by 3.7% following an analyst downgrade. KBW analyst Michael Perito downgraded the stock from underperform to market perform, but increased the price target to $7.50, suggesting a potential 34.5% fall from the previous closing price.

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Estee Lauder: The beauty stock dropped 1.1% after a downgrade by Barclays from buy to neutral. The firm expressed concerns about the company's business in China, which could impact its performance in the near-term.

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Gap: The retail stock gained nearly 4% after Barclays upgraded it to overweight from equal weight. Analyst Adrienne Yih assigned a $13 price target, implying a potential 26.2% rally from the previous close. The firm also upgraded retailers American Eagle, Bath & Body Works, and Tapestry to overweight.

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Incyte: Shares rose 2% after Incyte reported better-than-expected results for the second quarter. The pharmaceutical company's revenue reached $954.6 million, surpassing the FactSet consensus estimate of $909.7 million. Adjusted earnings per share were $0.99, higher than the forecasted $0.72 per share.

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Uber: The ride-hailing giant's shares rose over 2% in premarket trading after reporting second-quarter results. While the revenue missed analysts' expectations, the company provided optimistic guidance for the third quarter. CEO Dara Khosrowshahi highlighted two major milestones achieved during the quarter: the first quarter of free cash flow over $1 billion and the first GAAP operating profit.

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Caterpillar: Shares of the manufacturing company gained 1.4% after reporting better-than-expected earnings and revenue for the quarter. However, Caterpillar warned of a potential decline in sales and margins in the third quarter.

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Merck: The pharmaceutical giant's shares rose nearly 2% premarket after reporting second-quarter revenue that exceeded expectations. Sales of its blockbuster cancer drug Keytruda and HPV vaccine Gardasil contributed to the positive performance. The company also posted a narrower-than-expected loss for the quarter.

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Pfizer: The stock declined over 1% in early morning trading after Pfizer reported second-quarter adjusted revenue that beat expectations but fell short of Wall Street's estimates. The revenue miss was attributed to a decline in Covid product sales.

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ZoomInfo Technologies: Shares sank by nearly 20% in premarket trading after the data company reported a weak outlook for third-quarter revenue. ZoomInfo expects revenue between $309 million to $312 million, lower than analysts' expectations of $326 million.

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Toyota Motor: The automaker's shares rose about 2% after reporting operating income of 1.12 million yen ($7.84 billion) for the fiscal first quarter, a 94% increase from the previous year and surpassing analyst expectations.

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Arista Networks: Shares advanced 13.6% in premarket trading after the company reported better-than-expected quarterly earnings and revenue. Arista's adjusted earnings of $1.58 per share and revenue of $1.46 billion exceeded analysts' estimates.

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