US Premarket: AMD, Amazon, Hasbro and other stocks making biggest moves

Advanced Micro Devices (AMD)

AMD surged 3.2% in the premarket after receiving upgrades
at both Baird and UBS. The chip maker cited positive industry cyclical trends
and strong demand by data center equipment manufacturers for AMD’s Genoa chip.

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Amazon.com (AMZN)

Amazon slipped 1.7% in premarket action after Bank of America
removed the stock from its “US 1” list, although it maintained a “buy” rating.

Hasbro (HAS)

Shares of the toy maker fell 5.2% in premarket trading
after a double-downgrade to “underperform” from “buy” at Bank of America. The
move comes after BofA conducted what it calls a “deep dive” on Hasbro’s “Magic:
The Gathering” trading card game business. According to BofA, Hasbro has been
overprinting cards and destroying the long-term value of the business.

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Oatly (OTLY)

The oat-based drinks maker plunged 11.8% in premarket
action after it reported a larger-than-expected quarterly loss and revenue that
fell short of market estimates. Oatly said its results were affected by several
factors including China Covid restrictions, production challenges, and a firm
US dollar.

Teva Pharmaceutical (TEVA)

Teva fell 2.3% in premarket trading after the drugmaker’s
stock was downgraded to “underweight” from “neutral” at JP Morgan Securities,
which cited continuing growth challenges for the drugmaker.

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Virgin Galactic (SPCE)

Virgin Galactic fell 1% in premarket trading. In a
Securities and Exchange Commission (SEC) filing, Virgin said a court is giving
plaintiffs until November 28 to file an amended class action suit against the
company. The original case filed in May 2021 alleged current and former
officers and directors made misleading statements about Virgin’s commercial
space flight program, charges which Virgin says are without merit.

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Tyson Foods (TSN)

Shares of the beef and poultry producer gained 1% in the
premarket after reporting quarterly earnings of $1.63 per share, below
consensus estimates by 10 cents per share. Revenue exceeded Street forecasts.