Stocks Making the Biggest Moves Premarket: Cigna, Macy’s, Snap and More

Before the opening bell, take a look at the prominent companies making waves in the market.

Occidental Petroleum experienced a 1.1% decline in its shares following its agreement to acquire the privately held energy producer, CrownRock, for a hefty $12 billion. Additionally, Occidental Petroleum announced a boost in its quarterly dividend, increasing it from 18 cents a share to 22 cents a share.

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Pinterest saw a surge of 3.3% in its stock value after RBC upgraded its rating to "outperform" from "sector perform." Analysts highlighted Pinterest as an attractive investment, positioning it as a strategic play in the realm of internet-based advertising platforms chasing a substantial $241 billion in advertising spending, particularly in the impulse shopping sector.

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Macy’s, the retailer, experienced a remarkable 16% increase in its stock value following reports of a buyout offer. Insider sources revealed that two investment firms have proposed a buyout of Macy’s at a staggering $5.8 billion, translating to $21 per share.

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Both Nordstrom and Kohl’s witnessed a 3.7% surge in their shares, driven by the news of the potential buyout of Macy’s. The market responded positively to this development, impacting the entire retail sector.

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Nike, the renowned footwear manufacturer, observed a 1.6% increase in its stock value after Citi upgraded its rating from "neutral" to "buy." This optimistic outlook is grounded in the belief that Nike will be able to safeguard its earnings-per-share despite a volatile macroeconomic environment. Analyst Paul Lejuez's upgraded price target indicates a potential upside of more than 16%, a sentiment echoed by Barclays, which reiterated its bullish stance on the stock.

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Cigna experienced a notable 13.9% increase in its stock value after the health insurer abandoned its efforts to negotiate the acquisition of its rival company, Humana. However, the latter also saw a positive impact, with its stock rising by over 2.1% in early morning trading. The cessation of the deal talks between Cigna and Humana was attributed to their failure to reach a consensus on the acquisition price.

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Best Buy witnessed a 2% rise in its shares after Jefferies upgraded its rating from "hold" to "buy." The rationale behind this upgrade was centered on the anticipation of a "replacement cycle" for pandemic-related purchases, set to commence in the near future. The new price target implies a potential upside of 20% from Friday's closing price.

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Snap experienced a notable 4.7% surge in its stock value following Wells Fargo's decision to upgrade its shares from "equal weight" to "overweight." Wells Fargo expressed confidence that Snap's efforts to rebuild its ad platform would result in notable outperformance. This upgrade reflects a positive outlook on Snap's future prospects in the evolving landscape of digital advertising.