Stocks making the biggest moves pre-market: WRBY, HPQ, PNT

Check out the companies making headlines before the bell rings.

warby parker — Warby Parker rose about 4% after Evercore ISI upgraded the eyewear retailer to an outperform rating and said shares could rise more than 50% as the company’s margin and revenue growth accelerates again.

ellie lily, Point Biopharmaceutical — Shares of Point Biopharma soared 85% after Eli Lilly announced it would buy the cancer drug maker for $12.50 a share, or about $1.4 billion.

HP — Shares added 2.5% after being doubled down by Bank of America to buy amid underperformance. The bank expects the PC maker’s fundamentals to improve, with free cash flow bottoming out in 2023.

McCormick — Shares of the spice maker fell about 3% before the bell. McCormick reported revenue of $1.68 billion and earnings of 65 cents per share excluding items. That was roughly in line with the 65 cents EPS and $1.7 billion in revenue expected by analysts surveyed by StreetAccount.

warner music group — Warner added 3.5% after UBS upgraded the stock to buy from neutral. UBS said the company should be a long-term beneficiary of music industry trends.

Airbnb — Airbnb shares fell 3% premarket after KeyBanc Capital Markets downgraded its short-term home rental stock as the post-pandemic travel demand boom eases.

Fiverr International — Shares rose 2.8% after Roth MKM upgraded Fiverr International to Buy from Neutral. The Wall Street firm is “incrementally positive” on the stock, citing a survey of freelancers that supports Fiverr’s leading position among gig workers.

emerson electric — The industrial giant fell 1% in premarket trading after UBS downgraded the stock to neutral from buy, citing the company’s valuation and limited upside. However, the company adjusted its target stock price upward.

— CNBC’s Alex Harring, Sarah Min, Michelle Fox and Pia Singh contributed reporting.