Stocks making the biggest moves premarket: Lululemon, Paychex, Micron Technology and more

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Check out the companies making headlines before the bell.

Lululemon – Lululemon shares surged more than 16% before the Wednesday open after posting a strong holiday quarter and sharing upbeat guidance for the current fiscal year. The athleisure wear company reported adjusted earnings of $4.40 a share on $2.77 billion in revenue and said same-store sales climbed by 27%.

Carnival Corp — Shares of the cruise line climbed 2.5% in premarket trading after Susquehanna upgraded Carnival to positive from neutral. The investment firm said in a note to clients that Carnival has «ample liquidity» and should be able to improve its unit margins this year.

Urban Outfitters, Burlington, Foot Locker, Ross Stores — Major apparel and home goods retailers were in the red on Wednesday morning after UBS downgraded the group to sell from neutral, saying it sees at least 23% downside to its price targets for each of the companies as a slowdown in consumer spending curbs the industry's earnings prospects. Shares of Urban Outfitters and Ross were down 2.3%, Burlington by 2.6% and Foot Locker was down 1.9% before the bell.

Bath & Body Works — Shares of the home care and fragrances retailer fell more than 2% after a UBS downgrade, saying it expects a recessionary environment to weigh on the stock this year and next. UBS calls many of the company's products as discretionary, pointing to candles as an example, and areas where consumers «will choose to spend less in a challenging macro environment.»

Micron Technology — The semiconductor manufacturer added 2.6% after falling 1% Tuesday. Micron fiscal second quarter results missed analyst expectations on both the top and bottom lines, according to Refinitiv consensus estimates. Micron