Take a look at some of the biggest movers in the premarket:
Caterpillar (CAT) – The heavy equipment maker’s stock was downgraded to “underperform” from “neutral” at Bank of America Securities, which points to a severe capital spending downturn in key Caterpillar markets.
Dunkin’ Brands (DNKN) – Credit Suisse gave the restaurant chain’s stock a double-upgrade to “outperform” from “underperform,” noting both valuation and the company’s 100% franchised business model. The firm said that model is one of the most attractive in the restaurant industry and warrants a premium to its peers.
Palo Alto Networks (PANW) – The cybersecurity firm was upgraded to “buy” from “hold” at Rosenblatt Securities, which said Palo Alto is benefitting from the current work-at-home trend.
Amazon.com (AMZN) – Amazon stopped accepting new online grocery customers amid surging demand, and is now putting new applicants on a waiting list. It has also cut back shopping hours at some Whole Foods locations to prioritize online orders from existing customers.
Walt Disney (DIS) – Disney is furloughing 43,000 workers at its Walt Disney World resort in Florida, while allowing them to keep their benefits for up to a year. Walt Disney World closed in mid-March due to the coronavirus outbreak.
JPMorgan Chase (JPM) – The bank is raising borrowing standards for most new home mortgage loans, according to a Reuters report. The move is designed to lessen lending risk stemming from the virus outbreak, with borrowers now needing a 20% down payment and a credit score of at least 700.
Macy’s (M) – Macy’s has hired investment bank Lazard (LAZ) to explore the retailer’s options for boosting its finances, according to Reuters.
Apple (AAPL), Alphabet (GOOGL) – Apple and Alphabet’s Google unit will work together to create tracking technology aimed at slowing the spread of the coronavirus.
Triumph Group (TGI) – The aerospace parts maker is furloughing about 2,300 workers in the U.S. and Europe, as the Boeing supplier deals with the shutdown of the jet maker’s commercial jet production.
Honeywell (HON) – Honeywell signed a deal to borrow $1.5 billion from Citibank and JPMorgan Chase, to be used for general corporate purposes. The conglomerate said the loan agreement does not restrict its ability to pay its dividend.
Facebook (FB) – Facebook ad rates fell up to 25% in March compared to the previous month, according to studies compiled by The Wall Street Journal. This comes even as more people stay at home and spend more time on social media.
Dish Network (DISH) – Dish may not be able to build a planned wireless network, according to the New York Post. A source who had expected to be in a lending group told the paper that the financing may not come through due to the virus outbreak.
Gilead Sciences (GILD) – Gilead’s drug remdesivir showed promise in a preliminary coronavirus trial, according to a report published in The New England Journal of Medicine. The report said the drug may lower the risk of death in severely ill patients.
Boeing (BA) – Boeing is considering a range of options to cut its payroll by 10%, according to sources familiar with the plan who spoke to CNBC.
Travelers (TRV) – Travelers and State Farm are the latest auto insurers to slash premiums and offer refunds to auto insurance customers, as driving volume plunges due to the virus outbreak.
Okta (OKTA) – Okta was upgraded to “outperform” from “market perform” at BMO Capital Markets, which expects the maker of identity management software to benefit from virus-induced changes to how people live and work.