Check out the companies making headlines premarket. ResMed, Eli Lilly — ResMed shares fell 11.8% after a news release last Friday saying Eli Lilly’s weight-loss drug tirzepatide reduces the severity of obstructive sleep apnea. Eli Lilly shares, on the other hand, rose about 1%. RXO — Freight volume grew 12.7% after purchasing Coyote Logistics from UPS. RXO paid UPS more than $1 billion for Coyote. UPS shares were unchanged in premarket trading. Artificial intelligence darling Nvidia fell 1.8%. That builds on last week’s decline, which saw mega-cap tech stocks fall about 4%, snapping an eight-week winning streak. Jefferies raised its price target on the stock over the weekend, implying the stock now has about 19% upside from last week’s close. Carrier Global – Heating and ventilation stocks rose 2.3% as Citi upgraded its rating to neutral buys. Citi said the company could become an alternative HVAC supplier whose performance will improve once the business transformation is completed. Ferrari – Shares of the luxury car maker rose 1.6% as Wall Street discussed the company’s plans to make electric vehicles. UBS raised its target price for the stock following the opening of a new Ferrari plant on Friday. Planet Fitness. Shares of the low-cost gym chain jumped 3.1% after TD Cowen called the stock an outperform and upgraded the stock to a unchanged buy rating. TD Cowen called the company an “early turnaround play,” citing a catalytic path that’s hard to ignore and valuation upside potential. Confirmed – Buy now, pay later shares jumped 3.2% after Goldman Sachs issued a buy rating. Goldman said the company is a leader in the modern credit space and noted its strong underwriting business. Anheuser-Busch InBev – Shares of the brewer rose nearly 3% after UBS upgraded its rating to neutral. The bank said it sees an inflection point in growth, margins and cash flow returns. IBM – Shares of the traditional tech giant rose 1.4% after Goldman Sachs initiated coverage with a buy rating. The company said IBM is on track to sustain long-term revenue and free cash flow growth driven by growth in its artificial intelligence manufacturing and services business. Cinemark shares jumped 3.3% after Roth MKM upgraded the U.S. movie theater chain to neutral, citing “significant improvement in box office performance.” — CNBC’s Michelle Fox, Sarah Min and Jesse Pound contributed reporting.
