Check out the companies making headlines in premarket trading.
Target — The retailer gained 0.6% after announcing it would increase its dividend 1.9%, or 2 cents, to $1.10 per share.
Cognyte Software — Shares rose 5.6% in the premarket following the software company’s quarterly report. Cognyte posted a loss of 23 cents per share excluding items, slightly larger than the 22 cent consensus estimate of analysts polled by FactSet. But revenue came in stronger than expected, with Cognyte reporting $73.4 million against Wall Street’s $71.5 million forecast.
Aldeyra Therapeutics — The biotech stock added 10% after Aldeyra announced statistical significance in the primary and all secondary endpoints for a drug that could be used for a type of eye inflammation.
American Express — Shares of the credit card company dipped 2% in premarket trading after Citi warned credit card spending trends have slowed. Citi opened a negative catalyst watch for American Express, warning travel and entertainment categories are slowing more sharply than other categories.
Coinbase — The crypto platform dropped 4.5% after Mizuho questioned if traders were moving to Robinhood, which was down 2.1% before the bell. Mizuho reiterated its underperform rating in a note to clients.
SoFi — Shares slid 4% after Oppenheimer downgraded the financial technology stock to perform from outperform. Despite staying bullish long term, Oppenheimer said the downgrade came following a period of the stock price seeing appreciation much stronger than experienced in the broader market.
Corning — Shares added 1.7% after being upgraded by Citi to buy from neutral. The Wall Street firm said it has “greater conviction” in the glass maker’s margin recovery potential and boosted its price target to $40 from $36, suggesting upside of more than 20% from Wednesday’s close.
Zions Bancorporation — The bank stock slid 1.4% in the premarket. Janney downgraded Zions Bancorporation to neutral from buy and lowered its fair value estimate, saying it sees weaker spread income and margin on rising funding costs.
— CNBC’s Sarah Min, Michelle Fox and Jesse Pound contributed reporting.