Check out the companies making the biggest moves in pre-market trading: Rivian Automotive – The electric vehicle stock rose nearly 4% after an upgrade by Piper Sandler to overweight. The company also raised its price target to $21 from $15, suggesting an upside of 96% from Thursday's close. Analyst Alexander Potter cited Rivian's new product launch and decision to delay capital spending on the call. Micron Technology – Semiconductor stock added 2.5%. On Friday, Citi picked Micron as one of its top picks and increased its price target to $150 from $95, suggesting an upside of 64%. The bank believes Micron shares should receive a premium given its increasing exposure to artificial intelligence. Adobe – Shares fell 11% a day after the software company issued weak revenue guidance for the current quarter. However, Adobe beat earnings and revenue expectations for its fiscal first quarter. It also announced a share buyback worth $25 billion. Ulta Beauty – Shares fell 6.5% a day after the beauty retailer issued full-year earnings guidance that came in at the low end of consensus expectations. However, Ulta reported a beat in earnings and revenue in the fourth quarter. Cryptocurrency Stocks – Cryptocurrency-related stocks fell as Bitcoin retreated from its recent highs. Coinbase and Microstrategy lost about 6% and 5%, respectively. Marathon Digital shares fell 4%. Stocks rose as Bitcoin rose. Cardlytics – Shares rose 50% daily after the advertising company's 2023 adjusted earnings before interest, taxes, depreciation and amortization turned positive for the first time since 2019. First-quarter forecasts also came in higher than expected. PagerDuty – Shares fell 8.5% after the IT company, which specializes in incident responses, issued a weaker-than-expected outlook, even as its latest quarterly results beat expectations. For the first quarter, PagerDuty expects adjusted earnings per share to range from 12 cents to 13 cents, weaker than the LSEG consensus estimate of 18 cents. Revenue guidance of $110.5 million to $112.5 million was also below analysts' expectations of $113.4 million. Smartsheet – The stock fell more than 8% daily after the business software provider provided revenue guidance for the current quarter and full year that beat analysts' expectations. Zumiez – Shares fell 11% after weak outlook for the specialty retailer. After Thursday's close, Zumis expected a first-quarter loss of between $1.09 and $1.19 per share, versus the consensus estimate of a loss of 34 cents per share, according to FactSet. Revenue guidance was also lower. — CNBC's Sarah Main contributed reporting.
