Stocks making the biggest moves before the bell: Nvidia, Ferrari, Planet Fitness, Cinemark

Check out the companies making headlines in premarket trading. ResMed , Eli Lilly — ResMed tumbled 11.8% following a news release from last Friday saying Eli Lilly’s tirzepatide weight loss drug reduced the severity of obstructive sleep apnea. Eli Lilly, on the other hand, ticked higher by around 1%. RXO — The freight stock surged 12.7% after buying the Coyote Logistics unit from UPS . RXO paid UPS more than $1 billion for Coyote. UPS shares were unchanged in premarket trading. Nvidia — The artificial intelligence darling slipped 1.8%. That built on last week’s drawdown, with the megacap technology stock retreating around 4% to snap an eight-week winning streak. Jefferies raised its price target on the stock over the weekend, implying that shares now had about 19% upside from last week’s closing level. Carrier Global — The heating and ventilation stock climbed 2.3% on the back of a Citi upgrade to buy from neutral. Citi said the company can become an alternative pure play HVAC provider with a multiple that’s improving after its business transformation wraps up. Ferrari — Shares of the luxury automaker ticked up by 1.6% as Wall Street digested the company’s electric vehicle plans. UBS raised its price target on the stock after seeing Ferrari’s new factory unveiled on Friday. Planet Fitness — The budget-friendly gym chain climbed 3.1% after TD Cowen named the stock a top pick and raised its rating to buy from hold. TD Cowen called the company an “early turnaround play,” citing a hard-to-ignore catalyst path and upside to valuation. Affirm — The buy-now-pay-later stock jumped 3.2% on the heels of Goldman Sachs’ initiation at a buy rating. Goldman said the company was a leader in the modern credit space and noted its strong underwriting business. Anheuser-Busch InBev — Shares of the brewing company added nearly 3% following an upgrade at UBS to buy from neutral. The bank said it sees an inflection point in growth, margins and cash returns. IBM — The legacy tech giant moved 1.4% higher after Goldman Sachs initiated coverage with a buy rating. The firm said IBM is on track to sustain long-term revenue and free-cash-flow growth, driven by growth in AI productions and services. Cinemark — Shares popped 3.3% after Roth MKM upgraded the American movie theater chain to buy from neutral, citing “meaningful box office improvement.” — CNBC’s Michelle Fox, Sarah Min and Jesse Pound contributed reporting