Here are some of the top movers during premarket trading on Wednesday.
1. Target TGT | Up 3.2%
Shares of Target (TGT) advanced after the retailer reported first-quarter adjusted earnings that reached an all-time high. The report exceeded Wall Street estimates of both profit and sales.
Target also expects high-single-digit-percent growth in comparable sales for the current quarter and an operating margin wider than the year-earlier rate of 7.2%.
2. Salesforce.com CRM | Up 0.7%
Shares of Salesforce.com (CRM) traded higher after the customer-relations-management-software giant was upgraded to overweight by Morgan Stanley analyst Keith Weiss, who sees the company’s longer-term risk-reward potential as more favorable.
The pullback in tech stocks has made Salesforce too cheap to pass up, according to Morgan Stanley.
3. Coinbase COIN | Down 5.3%
Shares of Coinbase (COIN) fell after Bitcoin dropped almost 11% to $40,364 and other cryptocurrencies slid. The People’s Bank of China said digital coins couldn't be used as a form of payment because they're not real currencies.
4. Take-Two Interactive TTWO | Up 2.8%
Shares of Take-Two Interactive (TTWO) gained after the videogame publisher posted stronger-than-expected fiscal-fourth-quarter earnings after the bell Tuesday, on pandemic-driven demand.
5. Lowe's LOW | Down 2.6%
Shares of Lowe's (LOW) dropped even as the home-improvement retailer on Wednesday reported stronger-than-expected first-quarter earnings.