Stocks making the biggest moves premarket: Carvana, Gap, Eli Lilly, UBS and more

Before the market opens, let’s take a look at some companies that are making waves:

Carvana witnessed a more than 5% increase in their shares after RBC upgraded the stocks due to fitting valuation and a potential boost in unit growth.

MongoDB’s stock dropped by over 8% during after its disappointing Q1 and annual projections, despite surpassing Q4 expectations with adjusted earnings of 86 cents per share.

DocuSign reported a stock surge of 8.4%, exceeding expectations with positive Q1 projections. The fourth quarter showcased adjusted earnings of 76 cents per share.

Li Auto shares in the U.S. market climbed by 1.7% after Deutsche Bank initiated coverage and gave it a buy rating, spotlighting it as a top pick.

The Gap saw an 8% stock jump after their latest quarter earnings outperformed Wall Street’s expectations, while the Old Navy brand experienced growth after a stagnant period.

UBS had U.S. traded shares increase by over 4% after an upgrade from Morgan Stanley, citing a potential rise from increased investment banking activity.

Marvell Technology’s shares dipped by 6% after releasing lighter Q1 revenue projections than expected.

Broadcom’s stocks declined by 1.6%, although the company reported full-year revenue predictions in line with analyst expectations.

Textron shares grew by 1.7% following a Bank of America upgrade, backed by an optimistic revenue growth outlook and a supportive balance sheet for buybacks.

Samsara stocks spiked by about 14% after a strong quarterly report and promising Q1 and annual projections.

New York Community Bancorp’s stocks lifted by 2% after Moody’s Ratings announced a potential upgrade in their credit rating.

Eli Lilly shares had a 1% premarket dip following the FDA’s delay in approving its Alzheimer’s drug, donanemab.

Finally, Costco shares dipped by 4% after a revenue miss for their fiscal second quarter, despite outperforming in terms of earnings per share.