Stocks making the biggest moves premarket: Spotify, FedEx, Tesla, Coinbase and more

Check out the companies making headlines in premarket trading.

FedEx — Shares slipped 2.9% after the shipping giant reported quarterly results. The company notched an earning beat with an adjusted $4.94 per share against a Refinitiv consensus estimate of $4.89 per share. However, revenue came in below expectations at $21.93 billion. FedEx executives also provided roughly flat revenue guidance, and said chief financial officer Mike Lenz would retire on July 31.

Coinbase, Riot Platforms — The crypto exchange stock climbed nearly 3% in premarket trading, seemingly aided by the surge in bitcoin’s 7.8% climb, while crypto mining firm Riot added 3.4%. Coinbase has faced a multiple headwinds recently, from an ongoing spat with the U.S. Securities and Exchange Commission to BlackRock’s launch of its own bitcoin exchange-traded fund.

MicroStrategy — The cloud services firm with exposure to bitcoin added 2.9% in premarket trading, following other names higher. Shares have climbed more than 121% so far in 2023 and 8.7% over the past month.

Tesla — Shares of the electric vehicle giant added 1.2% even after a downgrade from Barclays to equal weight from overweight. The bank warned investors that it may be prudent to “to move to the sidelines” after its recent rally. Tesla shares are up more than 52% over the past month.

Winnebago Industries — The motorhome manufacturer slipped 4.7% after quarterly results. The company reported an adjusted $2.13 per share against estimates of $1.78, according to FactSet. However, the firm also reported a 38.2% decline in revenue to $900.8 million, which executives attributed largely to a more challenging RV market and steeper discounts.

Spotify — Shares of the music streaming service rose about 2% in premarket trading after Wolfe Research upgraded Spotify to outperform from peer perform. Price increases and growth in advertising should help Spotify grow its revenue, according to Wolfe.

Rivian — The EV maker climbed 1.6% premarket. A day earlier, the company announced that its customers would have access to Tesla’s network of charging stations starting next year.

Exact Sciences — Shares added 6% on news of research agreements with The MIT and Harvard Broad Institute to exclusively use the company’s molecular residual disease diagnostic testing platform.

— CNBC’s Jesse Pound contributed reporting