Here’s a look at the companies making the biggest moves in premarket trading: Rivian Automotive — Electric vehicle shares rose nearly 4% after Piper Sandler upgraded to outperform. The firm also raised its price target to $21 from $15, implying 96% upside from Thursday’s close. Analyst Alexander Potter cited Rivian’s new product launch and its decision to delay capital expenditures for that project. Micron Technology – Semiconductor stocks rose 2.5%. On Friday, Citi named Micron one of its top picks and raised its price target to $150 from $95, implying 64% upside. The bank believes Micron shares should command a premium given the company’s growing exposure to artificial intelligence. Adobe — Shares fell 11% on the day after the software company issued weak revenue guidance for the current quarter. However, Adobe beat earnings and revenue expectations for its fiscal first quarter. The company also announced a $25 billion share repurchase. Ulta Beauty — Shares fell 6.5% on the day after the beauty retailer issued full-year earnings guidance that fell below consensus estimates. However, Ulta reported better earnings and revenue for the fourth quarter. Cryptocurrency stocks. Cryptocurrency stocks fell as Bitcoin retreated from its recent highs. Shares of Coinbase and Microstrategy lost about 6% and 5%, respectively. Marathon Digital shares fell 4%. Stocks soared as Bitcoin rose. Cardlytics — Shares soared 50% on the day after the advertising company’s 2023 adjusted earnings before interest, taxes, depreciation and amortization turned positive for the first time since 2019. Its forecast for the first quarter was also higher than expected. PagerDuty — Shares fell 8.5% after the incident response technology company posted weaker-than-expected guidance, although its latest quarterly results beat expectations. PagerDuty expects first-quarter adjusted earnings per share of 12 cents to 13 cents, below the LSEG consensus estimate of 18 cents. Revenue forecasts are in the range of $110.5 million and $112.5 million, also below analysts’ expectations of $113.4 million. Smartsheet — The company’s shares fell more than 8% on the day after the business software provider gave guidance for revenue for the current quarter and full year, which fell short of analysts’ expectations. Zumiez — Shares fell 11% amid weak prospects for the specialty retailer. After Thursday’s close, Zumiez forecast a first-quarter loss of $1.09 to $1.19 per share, compared with the consensus estimate of a loss of 34 cents per share, according to FactSet. The earnings forecast also fell short of expectations. —CNBC’s Sarah Min contributed reporting.
