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Check out the companies making the biggest moves in pre-market trading: Rivian Automotive — EV shares rose nearly 4% following Piper Sandler’s upgrade to Overweight. The company also raised its price target to $21 from $15, implying a 96% upside from Thursday’s closing price. Analyst Alexander Potter cited Rivian’s new product launches and the company’s decision to postpone capital spending for the conference call. Micron Technology — Semiconductor stock rose 2.5%. On Friday, Citi named Micron one of its top stocks and raised its price target from $95 to $150, suggesting 64% upside potential. The bank believes Micron’s stock price should be at a premium given its growing exposure to artificial intelligence. Adobe — Shares fell 11% a day after the software company announced weak earnings guidance for the current quarter. However, Adobe beat expectations for first-quarter earnings and revenue. It also announced a $25 billion share buyback. Ulta Beauty — Shares fell 6.5% the next day after the beauty retailer announced full-year profit guidance that was below the lower end of consensus estimates. However, Ulta reported fourth-quarter profit and revenue beats. Crypto stocks — Stocks related to cryptocurrencies fell as Bitcoin retreated from its recent highs. Coinbase and Microstrategy fell about 6% and 5%, respectively. Marathon Digital fell 4%. Stock prices soared as Bitcoin rose. Cardlytics — Shares soared 50% the next day after the company’s 2023 earnings before interest, taxes, depreciation and amortization turned positive for the first time since 2019. The company’s first quarter forecast also exceeded expectations. PagerDuty — Shares fell 8.5% after the incident response IT company reported lower-than-expected forecasts, even though its latest quarterly results beat expectations. For the first quarter, PagerDuty expects adjusted earnings per share to be in the range of 12 cents to 13 cents, lower than LSEG’s consensus estimate of 18 cents. Revenue guidance is within $110.5 million, $112.5 million below analyst estimates of $113.4 million. Smartsheet — Shares fell more than 8% in a single day after the business software provider released earnings guidance for the current quarter and full year that fell short of analysts’ expectations. Zumiez — Shares fell 11% following the specialty retailer’s weak outlook. After Thursday’s close, Zumiez expected a first-quarter loss in the range of $1.09 to $1.19 per share, compared with the consensus estimate of 34 cents per share, according to FactSet. This will result in a loss of . Earnings forecasts also fell short. —CNBC’s Sarah Min contributed reporting.
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