US Premarket: Bed Bath & Beyond, FedEx and other stocks making biggest moves

Bed Bath & Beyond

The troubled home goods retailer dropped another 14.1% in
the premarket, adding to several straight days of losses. The latest decline
comes after CFO Gustavo Arnal committed suicide Friday. Arnal was
“instrumental” in guiding the company through the pandemic, Bed Bath & Beyond
said in a statement.

FedEx

Shares of the transportation company slid 1.5% in premarket
trading after Citi downgraded it to neutral from buy and lowered its price
target, citing pressures on earnings per share growth this year.

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Dropbox

The file storing and sharing service provider’s stock added
1.7% in the premarket after Bank of America initiated coverage with a buy
rating, saying strong free cash flow generation should be attractive to
shareholders.

Live Nation Entertainment Inc

The stock added 4.05% in the premarket after the company
announced a strategic investment in TURN Systems, which operates a leading
Reusable Cup system. Alongside the investment, Live Nation will begin rolling
out reusable cups at its venues and festivals, another step in the company’s
goal to eliminate single-use plastics and work toward zero-waste concerts.

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Norwegian Cruise Line Holdings

The stock jumped 1.8% in the premarket after Stifel called
the cruise line a “long-term buying opportunity”.

Edison International

Shares of Edison International fell 1.41% in the premarket after Morgan Stanley downgraded the stock to Underweight from equal
weight.  The brokerage set the price
target at $62.

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Transocean

Transocean surged 3.4% in premarket action after BTIG
upgraded the oil services stock to buy from neutral, saying the offshore
drilling contractor should improve its balance sheet thanks to better day
rates.

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CVS Health

Shares of CVS Health rose 0.6% in the premarket after the
company said it is acquiring in-home health-care company Signify Health in an
$8 billion transaction. Signify fell 0.2% in the premarket.

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Anheuser-Busch InBev

Shares of the Budweiser maker rose 2.4% in premarket action
after HSBC upgraded the Belgian beer maker to buy from hold, saying the stock
could gain 30% from here.