Stocks Making The Biggest Premarket Moves: Activision Blizzard, Chewy, Yelp, Tesla And More

Here are the notable pre-market movements of several companies:

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Activision Blizzard: The video-game maker experienced a 4% increase in its stock price as a result of a deal between Microsoft and Sony. The agreement ensures that Call of Duty will continue to be available on Sony's PlayStation consoles despite Microsoft's acquisition of Activision Blizzard.

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Chewy: Shares of the e-commerce pet products company surged over 5% following an upgrade by Goldman Sachs from neutral to buy. The firm highlighted the attractive risk/reward profile of Chewy and the potential for margin expansion.

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PepsiCo: The beverage giant saw a 1.2% decrease in its stock price due to a downgrade by Morgan Stanley from overweight to equal weight. Morgan Stanley believes that Pepsi's strong earnings report and upside potential are already priced into the stock, limiting further upward movement.

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Yelp: Shares of Yelp increased by 3.6% after Goldman Sachs upgraded the company from neutral to buy. The Wall Street bank also raised its price target, suggesting a 23.3% upside from the previous closing price. Goldman Sachs cited positive advertising trends, margin growth opportunities, and increased shareholder returns as reasons for the upgrade.

Tesla: The electric-vehicle manufacturer experienced a nearly 2% rise in premarket trading. Tesla announced that it successfully produced its first cybertruck after a two-year delay.

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Paramount Global: Shares of the entertainment company dropped 2.8% in premarket trading following underwhelming performance by the latest "Mission: Impossible" film at the box office. The movie's earnings fell short of expectations, which led to a decline in the stock price.

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AT&T: Shares of AT&T declined by 1.5% due to a downgrade by Citi from buy to neutral. Citi cited concerns about the historical use of lead-sheathed cabling in the industry, which may negatively impact AT&T for the foreseeable future.

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State Street: The financial giant experienced a 2% decline in premarket trading after being downgraded by JPMorgan from neutral to underweight. The downgrade came after State Street's second-quarter revenue fell short of estimates, resulting in a 12.1% decrease in the stock price.

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Figs: Shares of the apparel company dropped 4.6% in premarket trading following a downgrade by Raymond James from outperform to market perform. Raymond James expressed concerns about the impact of a slowing economy and the resumption of student loan payments on Figs' growth in the near term.

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