Stocks making the biggest moves in the pre-market: Carvana, Bristol-Myers Squibb, Alphatec and more

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Ernie Garcia, CEO, Carvana

Scott Mlyn | TBEN

Check out the companies making headlines before the bell Monday.

Carvana — Shares of the online car retailer rose more than 7% in the premarket after Piper Sandler upgraded Carvana from neutral to overweight. The company said Carvana could double from current levels, noting the stock is too cheap to ignore.

Roblox – Shares of Roblox fell 1.8% in the premarket after Cowen began coverage of the online game platform with an underperform rating, citing uncertainty for Roblox ahead in the metaverse.

Newmont – Shares gained 2.7% after Goldman Sachs began covering Newmont with a buy recommendation, saying the stock looks undervalued and the company has new development projects in the pipeline that could boost growth.

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Bill.com — Payment software shares rose more than 2% in premarket trading after Morgan Stanley began covering the stock with an overweight rating. Analyst Keith Weiss said in a note that the stock was at an “appealing entry point” after underperforming the market this year and that Bill.com is a category leader with a solid moat.

Adobe — Adobe’s shares fell 1.5% after a downgrade to neutral by Mizuho amid a murky macro environment.

Alphatec — Medical technology stock rose 3.1% in the pre-market after Morgan Stanley began covering the stock with an overweight rating.

Bristol-Myers Squibb – The stock rose 6.7% after the US Food and Drug Administration approved Sotyktu, an oral treatment for plaque psoriasis.

Walt Disney – Shares of the entertainment and media giant gained slightly after the weekend’s 2022 D23 Expo, where CEO Bob Chapek praised his resurgent theme park business and hinted in an interview that he has big plans for ESPN. Activist investor Dan Loeb also reversed his stance on ESPN splitting, tweeting Sunday that he now understands the value of keeping the sports network under Disney.

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Twitter — Twitter fell about 1% in premarket trading after the social media company invalidated Elon Musk’s third attempt to void its acquisition, ahead of a shareholder vote. The social media company said it plans to enforce the agreement on the price and terms agreed with Musk.

KLA, Lam Research – Shares of the semiconductor companies fell after a Reuters report, citing people familiar with the matter, said the Biden administration plans to publish new restrictions on US shipments of semiconductors to China next month . KLA and Lam Research fell 1% each.

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Union Pacific – Shares of railroad companies rose after two unions warned of cargo delays in negotiating contracts for nearly 60,000 workers, according to a Reuters report. Union Pacific is down 1.6% in premarket trading. CSX is 0.4% lower.

Coinbase – Crypto Stocks Popped Up After the Ethereum Merger. Coinbase is up 2.6%, Marathon Digital Holdings is up 3.5% and Riot Blockchain is up 2.8%.

— TBEN’s Christina Cheddar-Berk, Fred Imbert, Jesse Pound, Scott Schnipper, Samantha Subin and Michelle TBEN Theobald contributed coverage.

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