Stocks Making the Biggest Premarket Moves: Spotify, FedEx, Tesla, Coinbase and More

Here are the notable companies making headlines in premarket trading:
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FedEx: Shares of the shipping giant slipped 2.9% following the release of its quarterly results. While FedEx achieved an earnings beat with adjusted earnings of $4.94 per share compared to the Refinitiv consensus estimate of $4.89 per share, its revenue fell short of expectations at $21.93 billion. The company also provided guidance for roughly flat revenue and announced the retirement of Chief Financial Officer Mike Lenz on July 31.

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Coinbase and Riot Platforms: The stock of crypto exchange Coinbase increased nearly 3% in premarket trading, likely benefiting from the 7.8% surge in bitcoin's price. Crypto mining firm Riot also saw a 3.4% rise. Coinbase has faced various challenges, including an ongoing dispute with the U.S. Securities and Exchange Commission and the launch of a bitcoin exchange-traded fund by BlackRock.

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MicroStrategy: The cloud services company, with exposure to bitcoin, experienced a 2.9% increase in premarket trading, following the upward movement of other related stocks. MicroStrategy shares have risen more than 121% in 2023 and 8.7% in the past month.

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Tesla: Despite a downgrade from Barclays to equal weight from overweight, shares of the electric vehicle giant rose 1.2%. Barclays advised investors to consider caution and possibly step aside after Tesla's recent rally. Nonetheless, Tesla shares have surged over 52% in the past month.

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Winnebago Industries: The motorhome manufacturer saw a 4.7% decline in its stock following the release of its quarterly results. Although the company reported adjusted earnings of $2.13 per share, surpassing estimates of $1.78 per share according to FactSet, it also announced a 38.2% drop in revenue to $900.8 million. Executives attributed the decline to a challenging RV market and increased discounts.

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Spotify: Shares of the music streaming service rose approximately 2% in premarket trading after Wolfe Research upgraded Spotify to outperform from peer perform. Wolfe believes that price increases and advertising growth will contribute to Spotify's revenue growth.

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Rivian: The EV maker experienced a 1.6% increase in premarket trading. The company recently announced that its customers would have access to Tesla's network of charging stations starting in the coming year.

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Exact Sciences: Shares of Exact Sciences climbed 6% on the news of research agreements with The MIT and Harvard Broad Institute. The agreements grant exclusive use of Exact Sciences' molecular residual disease diagnostic testing platform for these institutions.

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