Wayfair, Salesforce, Paypal and more

Salesforce signage outside an office building in New York.

Scott Mlyn | CNBC

Check out the companies making the biggest pre-market moves:

Advanced micro-systems — The semiconductor maker rebounded nearly 3% after being reclassified by Barclays as overweight on a par. Barclays said it saw potential for improvement in DC and generative artificial intelligence. The company also upgraded overweight Qualcomm and Seagate Technology from equal weight. Qualcomm and Seagate both gained more than 2%.

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Wayfair — The online retailer jumped more than 12% after being twice upgraded from overweight to underweight by JPMorgan. The Wall Street firm cited improving market share trends and a better understanding of management spending.

Selling power – Salesforce shares gained more than 5% premarket after news broke that activist investor Elliott Management had taken a multi-billion dollar stake in the cloud-based software giant.

Shopify – The e-commerce company rose nearly 5% after it was upgraded to buy on hold by Deutsche Bank, which said brands were increasingly interested in Shopify.

Abbott Laboratories – Abbott Labs lost 2.5% following a Wall Street Journal report on Friday that the Justice Department is investigating conduct at its infant formula plant in Sturgis, Michigan.

CrowdStrike — The cybersecurity company lost nearly 2% after being downgraded by Deutsche Bank, which cited increased competition.

PayPal – Shares of the payments company fell more than 1% in premarket trading after the Wall Street Journal reported that major banks are teaming up to create their own digital wallet. The wallet is said to be a competitor to PayPal and Apple Pay.

western digital – The data storage company rose 4% after a Bloomberg report late Friday that merger talks between holding companies Western Digital and Kioxia are progressing.

Warner Music Group — The music entertainment company fell 2.45% after being downgraded by Barclays to equal weight. Warner Music’s financial performance has been too volatile to warrant a higher valuation, its analysts said.

Tapestry – Parent Coach and Kate Spade slid 1.85% after being downgraded to equal weight by Barclays. The Wall Street firm’s reasons included creeping inflation toward higher household income brackets.

Skechers – Cowen upgraded Skechers to outperform the market, saying it remains the No. 1. 2 casual sneaker brand in the US and growing in popularity in its survey. Consensus sales and EPS estimates are too conservative, the company said. Skechers gained almost 2% in premarket.

Focus on video communications – Zoom shares fell 0.72% after MKM Partners downgraded the company to neutral long, citing slowing growth.

– CNBC’s Jesse Pound, Alex Harring, Samantha Subin, Carmen Reinicke and Michael Bloom contributed reporting.

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