Stocks making the biggest premarket moves: Advance Auto Parts, Icahn Enterprises, Meta, Fisker and more

Stocks making the biggest premarket moves: Advance Auto Parts, Icahn Enterprises, Meta, Fisker and more

Look at the companies that are making the biggest moves just before the bell rings:

Advance Auto Parts -- Advance Auto Parts fell 2.4% in premarket after Atlantic Equities downgraded the company to underweight on Monday and reduced its price target to $55. This represents a 28% decrease. Analyst Sam Hudson said that the company's "ongoing poor performance is indicative of structural issues and significant share loss."

Icahn Enterprises - Shares rose 10% after a Wall Street Journal article reported that Carl Icahn had untied the price of his personal loans to the stock, as a response to recent attacks from a short seller who alleged that asset valuations were "inflated".

Meta Platforms -- The shares of the social media firm rose by about 1% during premarket trading. According to Quiver Quantitative, Meta's online platform Threads attracted more than 100 million users after its launch on Wednesday. Mark Zuckerberg, CEO of Facebook, said that the rapid growth is "way beyond what we expected" last week.

Cava -- The restaurant group gained 3% in value after JPMorgan began coverage with an overweight rating. Their price target is $45 and this suggests a gain of nearly 14% from the Friday close. Cava cited its well-capitalized model and the total market opportunity as reasons for making this call.

Fisker - The stock of the electric vehicle manufacturer rose by less than 1% following the announcement that the company would be offering a convertible note worth $340 million, with the possibility to increase the amount to $680 millions. Fisker stated that it plans to use the net proceeds for corporate purposes including working capital, a new battery pack line, and future product development.

Charles Schwab - Shares of this brokerage rose by 1.9% before the market opened after JMP upgraded Schwab from market perform to market outperform. In a client note, the firm stated that Schwab would benefit from a stabilizing trend in cash sorting and low expectations going into earnings season.