Pre-Market Movers: Disney, American Airlines, Bed Bath & Beyond, Logitech and More

Disney shares rose more than 1% in early morning trading after the company elected independent director Mark Parker as Chairman of the board. It also opposed activist investor Nelson Peltz's attempt to join the board as the two sides prepare for a proxy battle.
Bed Bath & Beyond shares soared 16% in premarket trading Thursday, building on the massive gains the stock made the day before.The retailer's stock shot up almost 69% on Wednesday, caught up in the frenzy around so-called meme stocks. A handful of these stocks, which have become popular among online traders, surged on Wednesday, driving Bed Bath & Beyond's shares higher.
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American Airlines' stock rose 5% after the company lifted its fourth quarter guidance, citing strong demand and high fares. American's revenue forecast for the quarter rose as much as 17% over 2019, up from a previous 11% to 13% increase. Other airlines' stocks rose in sympathy, with United, Delta and Southwest rising between 1.5% and 2%.
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Logitech shares fell sharply after the company reported disappointing earnings and cut its sales forecast. The maker of mice and keyboards said its quarterly results were below expectations and warned that weak demand would continue to weigh on its business.

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Netflix is on the rise after Jeffries upgraded their rating to buy from hold. The Wall Street firm also boosted its price target to $385 from $310. The main reasons for this growth are the launch of Netflix's advertising-based offering and the crackdown on password stealing. These two factors are expected to drive revenue and EBTIDA above estimates.

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Anheuser-Busch InBev's shares fell 2.5% in premarket trading after UBS cut the brewer's rating to "sell," citing weakness in China and consumers' preference for spirits over beer.
Roku's stock slid 3.8% after Jefferies downgraded it to an underperform rating. The firm said that consensus estimates are failing to account for a slowing advertising market.
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Cleveland-Cliffs shares rose 2.6% after Morgan Stanley upgraded the steel producer to "overweight" from "equal weight," saying the stock could rally 35%.
KB Home's shares dipped 3.4% after the homebuilder missed estimates for the recent quarter on both the top and bottom lines. KB Home's fourth-quarter earnings of $2.47 per share on $1.94 billion in revenue lagged analysts' estimates of $2.86 per share on revenue of $1.98 billion.
Spotify's shares fell by about 2% in premarket trading after Jefferies downgraded the stock to "hold" from "buy." The firm said it expects Spotify's growth margins to fall below Wall Street expectations in the next two years.
Cinemark shares rose 1.9% after JPMorgan analysts upgraded the stock to "overweight." The bank said the movie chain looks attractive after its recent decline.