US Premarket: Signet, Tesla, Novavax and other stocks making biggest moves

Tesla (TSLA)

Tesla shares gained 2.3% in the premarket after UBS
upgraded the stock to “buy” from “neutral,” saying the recent share price
decline has provided an attractive entry point given a strong operational
outlook.

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Signet Jewelers (SIG)

Shares of the jewelry retailer surged 5.1% in the premarket after it reported better-than-expected quarterly profit and revenue, and issued an upbeat full-year forecast. Signet expanded its share repurchase authorization by $500 million.

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Ollie’s Bargain Outlet (OLLI)

Ollie’s shares jumped 3.5% in premarket trading after RBC
Capital Markets upgraded the stock to “outperform” from “sector perform,”
setting up the discount retailer’s stock for a possible sixth straight day of
gains. This comes after the company’s quarterly earnings report, fell short of
analyst forecasts but also contained an upbeat current-quarter forecast.

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Target (TGT)

Target shares added 1% in premarket trading after it
announced a 20% dividend hike. The retailer will increase its quarterly payout
to $1.08 per share from 90 cents.

Novavax (NVAX)

Shares of the drug maker fell 5.3% in premarket action after
news that an FDA decision on approval of Novavax’s COVID-19 vaccine could be
delayed. The agency needs to review changes in the company’s manufacturing
process, an FDA spokesperson to CNBC.

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Nio (NIO)

The China-based electric vehicle maker’s shares slid 5.7%
after its quarterly report highlighted shrinking profit margins and a downbeat
outlook due to supply chain challenges. Nio reported a lower-than-expected
quarterly loss with revenue topping analyst forecast.

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Five Below (FIVE)

The discount retailer’s stock plunged 7.6% in premarket
trading after reporting a quarterly profit of 59 cents per share, a penny above
estimates, but revenue fell below analyst estimates. Five Below also cut its
full-year guidance.

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Skillsoft (SKIL)

Skillsoft tanked 9.3% in the premarket after the digital
learning company’s quarterly sales fell below Wall Street forecasts, although
it reported a smaller-than-expected loss. The company said it was moving toward
the lower end of its prior full-year forecast due to macroeconomic headwinds.