Biggest Pre-Market Movers: Roblox, Discover, Chegg and More

Roblox's stock fell 6.7% after Morgan Stanley downgraded the company from "equal weight" to "underweight," saying that the stock's recent outperformance has limited upside.
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Discover's online bank lost 7.3% despite beating expectations for per-share earnings and revenue. Discover boosted its provision for credit losses compared to the prior year, potentially signaling that it sees a weaker economy ahead.
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CureVac, a biopharmaceutical company, jumped 8.2% following an upgrade to buy from neutral by UBS. UBS said that Phase 1 results for a treatment that uses mRNA for influenza saw a “major infection point.”
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Alcoa reported net losses for the most recent quarter, attributing the losses to high costs for energy and raw materials, as well as low aluminum pricing. The company's stock slid 6.4% in response to the news.
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Chegg's stock rose 2.5% after KeyBanc upgraded it from "standard weight" to "overweight." The firm cited the potential for Chegg to exceed its earnings estimates.
Charles Schwab's shares fell 3% after the brokerage firm was double downgraded to underperform from buy at Bank of America. In a note to clients, the bank said that Schwab's growth would decline this year as customers adjust their portfolios to higher interest rates.
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Procter & Gamble's share price fell by more than 2% after the company reported mixed results for its fiscal second quarter. While the company's adjusted earnings per share matched expectations at $1.59, total revenue of $20.77 billion was slightly higher than the $20.73 billion that had been forecast.
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Jefferies upgraded Philip Morris' stock to buy and raised its price target, citing the company's efforts to acquire Swedish Match. The firm said it's bullish on Philip Morris' efforts to expand its oral nicotine offerings.
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Apple shares slid 1.2% after JPMorgan cut its price target on the company. JPMorgan said that Apple had a tough setup going into earnings, due to supply headwinds.
Evercore ISI cut its price target on Ford stock, noting that automakers could struggle if a recession comes. However, sales could rebound in the three to six months following a recession.
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UBS raised its price target on Boot Barn ahead of the company's quarterly earnings report. UBS said investor sentiment should remain unchanged and doesn't expect Boot Barn's earnings release to be a catalyst. The stock slid 0.6% despite the target increase, however.