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Premarket Movers Wednesday - Target, Salesforce, Coinbase, Lowe's

Stocks moving in premarket trading Wednesday include Target, Salesforce, Coinbase, Take-Two and Lowe's.

Stock futures declined Wednesday as optimism about the U.S. recovery has turned to worries about higher inflation.

Dow Futures Tumble as Inflation Woes Mount; Bitcoin Slumps Below $40,000

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. CRM | Up 0.7%

Shares of  (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.

Salesforce and Take-Two are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CRM and TTWO? Learn more now.