Check out the companies making the biggest moves premarket:
Lululemon — Shares of the Canadian apparel company fell more than 10% after Lululemon lowered its gross margin guidance for the fourth quarter. The “athleisure” chain raised its net revenue guidance for the fourth quarter and now expects growth of 25% or more, year over year.
Duck Creek — The provider of intelligence solutions for the insurance industry will be taken private by Vista for $19 a share in cash, CNBC’s David Faber reported. The deal should be announced shortly, he said. Shares surged 39%.
Zillow — Shares of the real estate marketplace company gained 4% after Bank of America double upgraded the stock to buy, citing its improved growth outlook despite a challenging macroeconomic environment.
Hologic — The women’s diagnostics provider reported fiscal first quarter revenue Sunday that topped its most recent guidance and Wall Street analyst estimates. Shares gained 2.8% premarket.
Bed, Bath & Beyond — Shares of the beleaguered retailer jumped more than 17% premarket. Bed, Bath & Beyond last week warned of its ability to continue as a going concern, sending shares plummeting.
Oracle — Shares of the software maker rose more than 1% in premarket trading following an upgrade to overweight from neutral by Piper Sandler. The investment bank said in a note that Oracle’s cloud business could see annual growth above 20% in the next few years.
Uber — Shares gained 2.8% after the rideshare platform was upgraded to overweight from neutral by Piper Sandler. The bank said increased car prices will push consumers to Uber and other rideshare platforms.
Nvidia — The stock gained 1.6% premarket after being named a top pick by Wells Fargo analysts, who said they see a positive data center product-cycle materializing through 2023.
Ferrari — Shares rallied more than 2% premarket after being named a top pick for 2023 by Bank of America. Analysts noted the automaker’s balanced strategy, resilient financial performance and conservative 2023 outlook.
— CNBC’s Tanaya Macheel, Jesse Pound, Alex Harring, Sarah Min and Michael Bloom contributed reporting.
Correction: Lululemon lowered its gross margin guidance for the fourth quarter. An earlier version misstated the period.