Check out the companies making big moves in premarket trading: Hasbro — The toymaker tumbled 5.5% after it said it was laying off about 1,100 workers . Hasbro’s soft sales are “likely to persist into 2024,” CEO Chris Cocks said in a company memo obtained by CNBC. Oracle — Shares dropped nearly 9% after the database software company’s fiscal second quarter revenue missed expectations postmarket Monday. Revenue came in at $12.49 billion versus the $13.05 billion expected from analysts polled by LSEG. Oracle’s stock is up more than 40% year to date. Lucid — The electric vehicle stock slid about 3.5% following the announcement that chief financial officer Sherry House is resigning, effective immediately, to pursue other opportunities. Airbnb , Expedia — Airbnb and Expedia shares fell about 2% and 1%, respectively, before the bell. Barclays downgraded Airbnb to underweight and Expedia to equal weight, citing a cautious outlook for travel and softer demand in 2024. Rio Tinto — Shares of the global mining group added 2% after being upgraded by JPMorgan to overweight from neutral. The bank cited London-based Rio Tinto’s “best-in-class balance sheet” and the medium-term outlook for commodities. Macy’s — The Bloomingdales owner slipped 2.2%, one day after surging almost 20% following a $5.8 billion buyout offer . On Tuesday, Citi downgraded Macy’s to sell from neutral, citing skepticism about the deal materializing. Zillow Group — Shares of the real estate tech platform rose 3% before the bell after an upgrade to market outperform from market perform at JMP. Analyst Nicholas Jones sees 37% upside from here, citing an increase in real estate demand and volume. Crocs — The casual footwear maker added 1.5% after Bank of America initiated coverage with a buy rating and $128 price target, implying more than 22% upside. The bank cited Crocs’ strong momentum, with strong sales expected to continue. Alphabet — Shares ticked down less than 1% after it lost an antitrust lawsuit filed by Epic Games. A federal jury found Google’s Android app store has been protected by anti-competitive barriers that damaged consumers and software developers. Wyndham Hotel and Resorts — Shares jumped nearly 3% after budget hotel owner Choice Hotels announced an exchange offer to acquire Wyndham. The takeover offer is valued at around $8 billion. FuboTV — Shares popped 3.9% after Cantor Fitzgerald initiated coverage of the sports-focused TV company with an overweight rating. Cantor said the company has a more realistic path to profitability than the market expects. Cantor also called it a major sports streaming service, adding that the penny stock is a pure play to capitalize on consumers’ cutting ties with cable TV providers. — CNBC’s Hakyung Kim, Alex Harring, Samantha Subin and Lisa Han contributed reporting.
