Stocks making the biggest moves premarket: Moderna, Alaska Air, Oxford Industries and more

Here’s a quick look at the companies making waves in early trade:

Alaska Air Group’s shares picked up a boost of 5% as the company upgraded its Q3 forecast, driven by robust summer demand. With adjusted earnings per share now projected between $2.15 and $2.25, this figure is a significant leap from the earlier guidance of $1.40 to $1.60.

Moderna’s shares retracted by over 6% following the biotech firm’s announcement to cut down expenses by $1.1 billion by 2027. The company also anticipates the roll-out of 10 innovative products over the same period.

Oxford Industries witnessed a 10% tumble in share price after revealing Q2 results that didn’t quite hit the mark. The clothing brand, responsible for Tommy Bahama, reported adjusted earnings of $2.77 per share, falling short of the anticipated $3 earnings per share. Furthermore, revenue also capped below forecast at $419.9 million.

Interpublic Group of Companies, the advertising powerhouse, experienced a 2% slide in share prices following a downgrade from neutral to sell by UBS. The firm suggests that the market hasn’t fully factored in the possible client losses and strategic hitches that IPG might be facing.

U.S. Bancorp, however, saw its shares ascend by over 1% after announcing a hike in dividend. The banking group also revealed its plan to buy back stocks worth $5 billion.

Meanwhile, shares for the supermarket chain, Kroger, noticed a minor uptick as the market anticipates the company’s fiscal Q2 results.

Lastly, Diageo, the liquor giant, witnessed a 1.4% surge in shares as Bank of America upgraded it from neutral to buy, citing that the brand is rebounding from its worst.