Stocks making the biggest moves premarket: Netflix, Alphabet, Nordstrom, PagerDuty and more

Stocks making the biggest moves premarket: Netflix, Alphabet, Nordstrom, PagerDuty and more

A sign is posted in front of a Google office on April 26, 2022 in San Francisco, California. Google’s parent company Alphabet will report first-quarter results after the market close today.

Justin Sullivan | News from Getty Images | Getty Images

Check out the companies making headlines before the bell:

Netflix – Streaming stock rose more than 6% after Netflix released its latest quarterly results. Although Netflix missed earnings expectations, it added more subscribers than analysts had forecast. The company also announced that co-CEO Reed Hastings would step down from his position.

Alphabet – Google parent company shares rose 3.6% after CEO Sundar Pichai announced the company would lay off 12,000 employees and explained in a memo that the company is “preparing for a different economic reality than the one faced with the we are facing today”.

Eli Lilly — Shares of the pharmaceutical company tumbled more than 1% premarket after the U.S. Food and Drug Administration rejected the drugmaker’s experimental treatment for Alzheimer’s disease for failing to provide enough trial data.

Ralph Lauren – The stock rose more than 1% after Barclays upgraded Ralph Lauren to overweight and said investors are buying a “best” clothing brand with continued gains. Separately, Barclays upgraded PVH, which owns brands Tommy Hilfiger and Calvin Klein, to overweight.

Regeneron Pharmaceuticals – The pharmaceutical giant is up 1% premarket after being upgraded from neutral to overweight by JPMorgan. The Wall Street company said its drug for treating age-related macular degeneration is “best-in-class therapy” and could serve as the next big catalyst for Regeneron.

PagerDuty – Shares rose more than 4% after Morgan Stanley upgraded PagerDuty from equal weight to overweight and said the cloud-computing company is pushing for better profitability.

Salesforce — Stock fell more than 1% after Cowen downgraded it to “Market Perform” from “Outperform,” and said it sees “increased risk of disruption” amid a tougher macroeconomic backdrop that could hurt customer spending.

Nordstrom — Shares of the retailer fell 7% in premarket trading after Nordstrom said its holiday sales fell 3.5% year over year. In a statement, CEO Erik Nordstrom described the retail environment as “very sales-promoting.” The company also lowered its earnings outlook.

Macy’s — Retail stocks like Macy’s fell after disappointing Nordstrom holiday sales. Macy’s shares fell more than 2%, while Kohl’s fell 4%. Dillards was down 1.3%.

Costco — Shares rose about 1% after Costco said it would reapprove a stock buyback program of up to $4 billion through January 2027.

– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel and Jesse Pound contributed coverage.

Correction: Nordstrom reported disappointing holiday sales numbers, not the latest quarterly numbers.