Stocks making the biggest moves in the premarket: AT&T, AMC Entertainment, UPS and more

cnbc.com:

Take a look at some of the biggest movers in the premarket:

AT&T (T) – AT&T announced plans to spin off its stake in the WarnerMedia/Discovery Communications (DISCA) combination to its shareholders when that merger is completed later this year. Shareholders will receive 0.24 shares of Warner Brothers Discovery for each AT&T share they now own. AT&T also said it would pay an annual dividend of $1.11 per share after the deal is complete, compared to the current $2.08. AT&T fell 3.5% in the premarket.

AMC Entertainment (AMC) – The movie theater operator's stock rallied 4.7% in the premarket after announcing better than expected preliminary results for the fourth quarter. AMC said its results improved as 2021 progressed and that the quarter was its strongest in two years.

United Parcel Service (UPS) – UPS shares surged 7.4% in the premarket after beating estimates with its quarterly results, issuing upbeat guidance and announcing a 49% dividend increase. UPS earned an adjusted $3.59 per share for the fourth quarter, compared to a consensus estimate of $3.10. Following the upbeat UPS results, rival FedEx (FDX) added 2.5% in the premarket.

Exxon Mobil (XOM) – The energy giant earned $2.05 per share for the fourth quarter, beating the $1.93 consensus estimate, though revenue fell below Wall Street forecasts. Exxon also announced a new $10 billion stock buyback program, resuming repurchases for the first time in more than five years. Its shares gained 1.3% in the premarket.

Sirius XM (SIRI) – The satellite radio and streaming audio service beat estimates by a penny a share, with quarterly earnings of 8 cents per share. Revenue came in above forecasts as well. Sirius XM announced a special dividend of 25 cents per share, and the