Check out the companies making headlines in pre-market trading. ResMed, Eli Lilly — Following news last week that Eli Lilly’s tezepatide weight loss drug can reduce the severity of obstructive sleep apnea, ResMed Shares fell 11.8%. Eli Lilly, on the other hand, gained about 1%. RXO — Trucking stocks soared 12.7% after buying the Coyote Logistics unit from UPS. RXO paid more than $1 billion to UPS, whose shares were unchanged in premarket trading. Nvidia, the artificial intelligence darling, fell 1.8%. That was on top of last week’s losses, which saw Big Tech stocks fall about 4%, snapping an eight-week winning streak. Jefferies raised its price target on the stock over the weekend, which means the stock is now up about 19% from last week’s closing price. Carrier Global — Shares of the heating and ventilation stock rose 2.3% after Citi upgraded the stock to “buy” from “neutral.” Citi said the company can become an alternative pure-play HVAC provider and that its price-to-earnings ratio is improving as the business transformation ends. Ferrari – Shares of the luxury automaker rose 1.6% as Wall Street digested the company’s plans for electric vehicles. UBS raised its price target on the stock after seeing the opening of Ferrari’s new factory on Friday. Planet Fitness — Shares of the affordable fitness chain rose 3.1% after TD Cowen named the stock a top pick and upgraded its rating to “buy” from “hold.” TD Cowen calls the company an “early-stage turnaround company,” citing a path to catalysts and valuation upside that’s hard to ignore. Confirmation — The buy now, pay later stock rose 3.2% after Goldman Sachs initiated a buy rating. Goldman Sachs said the firm is a leader in modern credit, while also noting its strong underwriting business. Anheuser-Busch InBev — Shares of the brewing company rose nearly 3% after UBS upgraded its rating to buy from neutral. The bank said it saw an inflection point in growth, margins and cash returns. IBM — Shares of the traditional technology giant rose 1.4% after Goldman Sachs issued a buy rating. IBM expects to maintain long-term revenue and free cash flow growth, driven by growth in artificial intelligence products and services, the company said. Cinemark — Roth MKM upgraded the U.S. movie theater chain to “buy” from “neutral” citing “substantial box office improvements,” sending shares up 3.3%. —CNBC’s Michelle Fox, Sarah Minh and Jesse Pond contributed reporting
