Carvana, Bristol-Myers Squibb, Alphatec and more

Ernie Garcia, CEO of Carvana

Scott Mill | CNBC

Check out the companies making headlines ahead of Monday’s bell.

Carvana: Shares of the online auto retailer rose more than 7% in premarket after Piper Sandler upgraded Carvana to overweight from neutral. The firm said Carvana could double from current levels, noting that the stock is too cheap to ignore.

Roblox: Shares of Roblox fell 1.8% in premarket after Cowen initiated coverage of the online gaming platform with an underperform rating, citing uncertainty for Roblox in the metaverse.

Newmont: Shares gained 2.7% after Goldman Sachs initiated coverage of Newmont with a buy rating, saying the stock appeared undervalued and that the company has new development projects underway that can fuel growth. Payments software shares rose more than 2% in premarket trading after Morgan Stanley initiated coverage on the stock with an overweight rating. Analyst Keith Weiss said in a note that the stock was at an “attractive entry point” after underperforming the market this year and that is a category leader with a solid moat.

Adobe: Shares of Adobe fell 1.5% after a cut to neutral by Mizuho amid a murky macro environment.

Alphatec: The medtech stock rose 3.1% in premarket trading after Morgan Stanley initiated coverage on the stock with an overweight rating, saying the company is outperforming peers to gain share in the brain surgery market. column

Bristol-Myers Squibb: Shares rose 6.7% after the U.S. Food and Drug Administration approved Sotyktu, an oral treatment for plaque psoriasis.

Walt Disney: Shares of the entertainment and media giant rose slightly after its 2022 D23 Expo over the weekend, where CEO Bob Chapek touted its rebounding theme park business and gave to understand in an interview that he has big plans for ESPN. Activist investor Dan Loeb also reversed his stance on breaking up ESPN, tweeting Sunday that he now understands the value of keeping the sports network under Disney.

Twitter: Twitter fell about 1% in premarket trading after the social media company invalidated Elon Musk’s third attempt to void its takeover ahead of a shareholder vote. The social media company said it plans to enforce the price and terms agreement it agreed with Musk.

KLA, Lam Research – Shares of semiconductor companies fell after a Reuters report, citing people familiar with the matter, said the Biden administration plans to release new restrictions on U.S. shipments of semiconductors in China next month. KLA and Lam Research were down 1%.

Union Pacific: Railroad shares rose after two unions warned of freight delays as they negotiate contracts for nearly 60,000 workers, according to a Reuters report. Union Pacific is down 1.6% in premarket trading. CSX is 0.4% lower.

Coinbase: Crypto stocks appeared on the back of the Ethereum merger. Coinbase is up 2.6%, Marathon Digital Holdings is up 3.5% and Riot Blockchain is up 2.8%.

– CNBC’s Christina Cheddar-Berk, Fred Imbert, Jesse Pound, Scott Schnipper, Samantha Subin and Michelle Fox Theobald contributed reporting.

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