By Check out the companies making headlines in early trading.
AstraZeneca — Shares of the British pharmaceutical company gained more than 2.7% in premarket trading after the company reported positive results for its drug Dato-DXd in a trial for treating a common type of breast cancer.
Wayfair — Shares gained more than 2% after Bernstein upgraded the home merchandiser to market perform from underperform. The firm cited improving revenue growth and margin commentary.
Chinese e-commerce stocks — U.S.-listed shares of Alibaba and PDD Holdings added nearly 4% in premarket trading, while JD.com rose 3.3%. Bloomberg reported that China is considering easing rules that cap foreign investment in domestic publicly traded companies.
Seagen — Shares of the biotech firm rose nearly 4% in premarket trading after the company reported positive topline results from a clinical trial of treatment for patients with previously untreated bladder cancer. The results showed the treatment improved both overall survival and progression-free survival, compared with chemotherapy.
Deere — The tractor manufacturer fell about 1% after Canaccord Genuity downgraded shares to hold from buy, citing slowing growth for large agricultural equipment and normalizing dealer inventories.
Arm Holdings — Shares of the chip designer added 1.3% during premarket trading. The stock jumped nearly 25% during its public trading debut but is now trading just above its $51 initial public offering price. Susquehanna initiated a neutral rating on the company in a Friday note.
Charter Communications — Shares gained about 2% after Wells Fargo upgraded Charter Communications to an overweight rating, saying its mobile roll-to-pay offering and rural growth should contribute to accelerating EBITDA and free cash flows.
Ralph Lauren — The clothing brand’s shares ticked up nearly 1% after Raymond James initiated an overweight rating in a note Thursday evening. Analyst Rick Patel forecasts 20% upside potential from where shares closed Thursday.
Yeti — Shares fell about 0.4% in premarket trading. Jefferies on Friday called Yeti a “best-in-class” favorite in drinkware, even as the market expands to new entrants.
— CNBC’s Pia Singh, Sarah Min, Samantha Subin, Tanaya Macheel, Brian Evans and Michelle Fox contributed reporting.
