Stocks making the biggest moves premarket: Fidelity, Ralph Lauren, Caterpillar and more

A Ralph Lauren store in downtown Philadelphia, PA.

Fred Imbert | CNBC

Check out the companies making headlines before the bell.

Norfolk Southern — Shares slid more than 3% following reports that the Environmental Protection Agency sent the rail company a notice of potential liability over the weekend. The notice was related to last week’s explosion and derailment of railcars containing hazardous materials in East Palestine, Ohio.

Meta — Shares of the Facebook parent rose 2.6% after the Financial Times reported it is planning a fresh round of layoffs after it last let go of 11,000 employees in November. The company’s stock price has soared by more than 44% so far this year.

Caterpillar — Shares of the machinery company fell more than 1% after Baird downgraded Caterpillar to neutral from outperform. The investment firm said in a note to clients that Caterpillar is “nearing a cyclical pivot point” and that revenue growth is set to slow.

Ralph Lauren — Shares of the apparel retailer were up 2.5% after Bank of America upgraded the stock to buy from neutral, and also raised its price target, saying the brand is differentiating itself among its peers during challenging time. The call follows an upbeat earnings report on Thursday.

Fidelity National Information Services — The company shed 8.5% in the premarket. Although it reported a slight earnings and revenue beat, its forecast fell short of expectations. Fidelity anticipates first-quarter adjusted EPS of $1.17-$1.23 versus a StreetAccount estimate of $1.42, and revenue of $3.38 billion to $3.43 billion compared with an expected $3.57 billion.

Cadence Design Systems — Shares were up 1.7% in premarket trading ahead of the company’s scheduled fourth-quarter earnings release on Monday. Cadence expects to report revenue in the range of $870 million to $890 million. Analysts surveyed by Refinitiv expect the company to earn 92 cents a share on revenue of $884.8 million.