Stocks making the biggest moves premarket: Target, Novavax, Nio and more

Peter Schacknow@PETERSCHACK

Check out the companies making headlines before the bell:

Target (TGT) – The retailer’s stock gained 1% in the premarket after it announced a 20% dividend hike. Target will increase its quarterly payout to $1.08 per share from 90 cents.

Signet Jewelers (SIG) – The jewelry retailer’s stock rallied 5.1% in the premarket after it posted better-than-expected quarterly profit and revenue, and issued an upbeat full-year forecast. Signet also expanded its share repurchase authorization by $500 million.

Novavax (NVAX) – The drug maker’s shares slid 5.3% in premarket trading following news that an FDA decision on approval of Novavax’s Covid-19 vaccine could be delayed. An FDA spokesperson told CNBC that the agency needs to review changes in the company’s manufacturing process.

Nio (NIO) – Nio shares lost 5.7% in the premarket after the China-based electric vehicle maker’s quarterly report highlighted shrinking profit margins and a downbeat outlook due to supply chain challenges. Nio posted a smaller-than-expected quarterly loss with revenue topping analyst forecasts.

Intel (INTC) – Intel announced a hiring freeze at its Client Computing Group as it reassesses spending priorities amid global macroeconomic uncertainty. The move comes amid a slide in worldwide personal computer demand.

Tesla (TSLA) – Tesla shares jumped 3.2% in premarket trading 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.

Five Below (FIVE) – Five Below reported a quarterly profit of 59 cents per share, a penny above estimates, but revenue fell below analyst forecasts. The discount retailer also cut its full-year guidance. The stock slumped 7.6% in the premarket.

Ollie’s Bargain Outlet (OLLI) – Ollie’s was upgraded to “outperform” from “sector perform” at RBC Capital Markets, setting up the discount retailer’s stock for a possible sixth straight day of gains. The upgrade follows the company’s quarterly earnings report, which fell short of analyst forecasts but also contained an upbeat current-quarter forecast. Ollie’s gained 3.5% in premarket trading.

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