Stocks to Watch Today: Wayfair, Salesforce, Paypal and More

Advanced Micro Devices (AMD) was upgraded by Barclays to "overweight" from "equal weight," which said it sees potential upside from direct-current and generative artificial intelligence. The firm also upgraded Qualcomm and Seagate Technology to "overweight" from "equal weight." Qualcomm and Seagate both gained more than 2%.
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JPMorgan upgraded Wayfair from underweight to overweight, citing improving market share trends and better management of spending. This caused the online retailer's stock to jump more than 12%.
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Salesforce shares soared more than 5% in premarket trading after news broke that activist investor Elliott Management has taken a multibillion-dollar stake in the company.Salesforce is one of the world's leading providers of cloud-based software, and Elliott Management's investment is a vote of confidence in the company's future. With Elliott's backing, Salesforce is well positioned to continue its growth and cement its position as a top player in the cloud software market.
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Shopify's stock rose nearly 5% after the company was upgraded to a "buy" rating by Deutsche Bank. The bank said that brands are increasingly interested in using Shopify to power their e-commerce operations.
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Abbott Laboratories lost 2.5% following a Wall Street Journal report Friday that the Justice Department is investigating conduct at its infant-formula plant in Sturgis, Michigan.
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CrowdStrike was downgraded to hold by Deutsche Bank, which cited intensifying competition. The cybersecurity company shed nearly 2% after the downgrade.
PayPal's shares dipped more than 1% in premarket trading after the Wall Street Journal reported that large banks are teaming up to create their own digital wallet. The wallet would be a competitor to PayPal and Apple Pay.
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Western Digital shares rose 4% after a report from Bloomberg late Friday that the company is in advanced talks to merge with Kioxia Holdings. If completed, the deal would create a global leader in data storage.
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Warner Music Group's stock dropped 2.45% after being downgraded by Barclays to equal weight. According to Barclays, Warner Music's financial performance has been too volatile to justify a premium valuation.
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Tapestry, the parent company of Coach and Kate Spade, slid 1.85% after being downgraded to equal weight from overweight by Barclays. The Wall Street firm cited inflation as a reason for the downgrade, noting that it is creeping into higher household income brackets.
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Skechers is gaining preference among consumers, according to a recent survey. This, coupled with the company's strong position as the No. 2 casual sneaker brand in the U.S., has led Cowen to upgrade its rating on Skechers stock to outperform from market perform. The firm believes that consensus sales and EPS estimates for the company are too conservative. Skechers stock was up nearly 2% in premarket trading following the news.
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Zoom Video Communications' shares slipped 0.72% after MKM Partners downgraded the company to neutral from buy. The firm cited slowing growth as the reason for the downgrade.