Stock futures declined Wednesday as optimism about the U.S. recovery has turned to worries about higher inflation.
Here are some of the top movers during premarket trading on Wednesday.
1. Target TGT | Up 3.2%
Shares of Target (TGT) - Get Target Corporation Report 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) - Get salesforce.com, inc. Report 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) - Get Take-Two Interactive Software, Inc. Report gained after the videogame publisher posted stronger-than-expected fiscal-fourth-quarter earnings after the bell Tuesday, on pandemic-driven demand.