Stocks making the biggest moves premarket: Best Buy, Toll Brothers, Autodesk and more
Check out the companies making headlines before the bell. Toll Brothers — The homebuilder gained 1.3% after Goldman Sachs upgraded it to neutral from sell. Goldman cited near-term upsides from customization and upgrades, as well as continued outperformance of new home sales. Best Buy — Shares rose more than 3% following a UBS upgrade to buy from neutral. According to the investment bank, new products and an appliance upgrade cycle could strengthen the stock. Autodesk — The software company added 4% on news that activist fund Starboard Value has taken a $500 million stake in the company. Starboard is considering taking legal action over concerns regarding delayed disclosures on an internal investigation. AMC Networks —The cable TV network slid 10% after filing to sell $125 million in convertible senior notes due 2029 in a private placement. Shattuck Labs — The biotechnology stock slipped 1% following a BTIG downgrade to neutral from buy. While clinical trial data released Friday shows "encouraging efficacy," BTIG said there's "ambiguity" in one area that shouldn't go away until the second half of 2025. Louisiana-Pacific Corporation — The building materials manufacturer declined 3% early Monday. Goldman Sachs downgraded shares to sell from neutral, citing macroeconomic and competitive pressures. Broadcom — The chipmaker rose more than 3%, continuing its rise from Friday. Broadcom shares have surged 31% in June. The company posted an earnings beat for the second fiscal quarter last Wednesday. — CNBC's Alex Harring, Sarah Min and Scott Schnipper contributed reporting