Stocks making the biggest moves premarket: Robinhoood, Bath & Body Works, MicroStrategy, Macy’s and more

Here’s a brief catch-up on some companies that are creating waves in premarket trading:

Bath & Body Works saw a significant boost in their shares, with a 16% increase following a successful third-quarter earnings report. The company managed to edge out Wall Street prediction, pulling in revenue of $1.61 billion, surpassing the expected $1.58 billion.

Robinhood experienced a 7% rise in share value after an upgrade from Morgan Stanley. The financial services company believes Robinhood’s revenue could see a further increase due to a surge in post-election stock and crypto trading activities.

Macy’s shares dropped by 3% as the company admitted to intentionally incorrect accounting entries by an employee, causing a delay in the official third-quarter results. The errors equate to between $132 – $154 million but allegedly did not impact the company’s cash position.

Abercrombie & Fitch saw their shares increase by 3% in anticipation of a promising third-quarter earnings report due Tuesday. The clothing retailer has experienced a 15% increase in its shares this month, following Gap’s optimistic full-year outlook announcement.

Target also saw an uplift in their shares, gaining nearly 2%. This rise was encouraged by a top pick listing from Oppenheimer due to an improved risk-to-reward skew.

MicroStrategy, the bitcoin development company, saw a 3% hike in share value after Bernstein projected a more than 40% rise in its price target. So far this year, MicroStrategy shares have skyrocketed to 568%.

Sally Beauty Holdings advanced nearly 3% after an upgrade from TD Cowen. This was attributed to the company’s strong free cash flow and attractive valuation.

Santander experienced a 2% gain after Morgan Stanley’s upgrade, citing its solid capital generation.

Arm Holdings enjoyed a 1% share increase after UBS initiated coverage of the chipmaker, citing an uptick in demand from the artificial intelligence sector.