Stocks making the biggest moves premarket: Carvana, Bristol-Myers Squibb, Alphatec and more
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Check out the companies making headlines before the bell Monday.
Carvana — Shares of the online car seller rose more than 7% in the premarket after Piper Sandler upgraded Carvana to overweight from neutral. The firm said Carvana could double from current levels, noting that the stock is too cheap to ignore.
Roblox — Shares of Roblox slipped 1.8% in the premarket after Cowen initiated 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 initiated coverage of Newmont with a buy rating, saying the stock looks undervalued and that the company has new development projects in the pipeline that can boost growth.
Bill.com — The payments software stock rose more than 2% in premarket trading after Morgan Stanley initiated coverage of the stock with an overweight rating. Analyst Keith Weiss said in a note that the stock was at an «attractive entry point» after underperforming the market this year and that Bill.com is a category leader with a solid moat.
Adobe — Adobe's stock dipped 1.5% following a downgrade to neutral by Mizuho amid a murky macro environment.
Alphatec — The medical technology stock jumped 3.1% in the premarket after Morgan Stanley initiated coverage of the stock with an overweight rating, saying the company outpaces peers to gain share in the spine surgery market.
Bristol-Myers Squibb — The stock surged 6.7% after the U.S. Food and Drug Administration approved Sotyktu, an oral treatment for plaque psoriasis.
Walt Disney — Shares of the entertainment and media giant gained slightly on the heels of its 2022 D23 Expo over the weekend, where CEO Bob Chapek touted its rebounding theme park
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