Stocks Making The Biggest Premarket Moves: Jetblue, Zillow, Jpmorgan Chase, 3M And More

Here are the notable premarket trading movements of various companies:

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JetBlue Airways: JetBlue Airways experienced a decline of nearly 2% following a downgrade by Evercore ISI to underweight. The downgrade was attributed to concerns about the recent significant surge in the company's shares and its balance sheet.

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Zillow Group: Zillow Group witnessed a 4.7% increase in its stock price after receiving an upgrade from Piper Sandler to overweight from neutral. Analyst Thomas Champion also raised the price target to $62 per share, indicating a potential 33% upside from the previous day's closing price. Factors such as product optionality, new initiatives, and improvements in the housing macro environment influenced the upgrade.

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JPMorgan Chase: The shares of JPMorgan Chase, a prominent Wall Street heavyweight, rose by 1.2% in premarket trading after receiving an upgrade from Jefferies from hold to buy. The firm also labeled JPMorgan Chase as "best-in-class."

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U.S. Bancorp: Shares of U.S. Bancorp, a Minnesota-based bank, increased by 2.2% following an upgrade from Bank of America from neutral to buy. Analyst Ebrahim Poonawala highlighted U.S. Bancorp as one of the highest quality franchises in the U.S. banking industry, with its scale, earnings, and strong execution expected to drive superior earnings growth and stock performance.

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Amazon: Amazon's shares rose by 0.8% as the highly anticipated Prime Day summer sale commenced, running through Wednesday. Wells Fargo also added Amazon to its Signature Picks list, citing positive expectations for Amazon Web Services, revenue growth from Prime Day, and a favorable risk/reward profile.

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WD-40: The shares of WD-40, a manufacturer of lubricants and rust-removers, surged more than 5% following the release of its fiscal third-quarter results. The company reported total net sales of $141.7 million, representing a 15% increase compared to the previous year.

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3M: Shares of 3M climbed nearly 2% in premarket trading after receiving an upgrade from Bank of America from underperform to neutral. The bank pointed out positive catalysts ahead for 3M, including litigation settlements, restructuring efforts, and the planned spinoff of its health-care business.

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Zions Bancorp and Truist: Jefferies downgraded both Zions Bancorp and Truist from buy to hold, which led to a decline in the stock prices of both companies. Zions fell by 1.5% in premarket trading, while Truist experienced a 1% decrease. Jefferies also revised its earnings estimates for these two companies.

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Iovance Biotherapeutics: Iovance Biotherapeutics saw a decline of more than 11% after announcing the pricing of its underwritten public offering of 20 million shares of common stock at $7.50 per share. The offering is expected to generate gross proceeds of approximately $150 million.

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