Market Insider

Stocks making the biggest moves premarket: TGT, IBM, GE, AMZN, CVS, CAH & more

Adam Jeffery | CNBC

Check out which companies are making headlines before the bell:

Target – The retailer reported adjusted quarterly profit of 91 cents per share, 5 cents a share above estimates. Revenue also exceeded forecasts. Comparable-store sales were up 0.9 percent, better than the Thomson Reuters consensus forecast of a 0.4 percent increase. Target also raised its full-year guidance but did give a fourth-quarter outlook that falls partially below Street forecasts.

IBM — Warren Buffett's Berkshire Hathaway cut its stake in IBM by 32 percent or just over 17 million shares, according to Berkshire's quarterly Securities and Exchange Commission filing. Berkshire also increased its stake in Apple during the third quarter, adding nearly 4 million shares to its holdings.

General Electric – GE continues to be on watch, after falling 12.6 percent over the past two sessions following the unveiling of CEO John Flannery's plans to revamp GE and improve its businesses. GE touched its lowest level in nearly six years in Tuesday trading and is down more than 43 percent this year. – Amazon has abandoned plans for a bundled online streaming service, according to Reuters. Amazon is said to believe it cannot make enough money on the service, and the report also said that Amazon has been unable to convince key broadcast and basic cable channels to join its ala carte Amazon Channels service.

CVS Health – Computer outages at CVS pharmacies have prevented some customers from re-filling prescriptions. Executive Chairman David Dorman told CNBC the problem is related to an internal network infrastructure issue, with the cause not yet being known.

Cardinal Health – Cardinal Health sold its China drug distribution business to Shanghai Pharmaceuticals for $557 million. Shanghai is China's third-largest drug distributor.

AstraZeneca – The drugmaker received Food and Drug Administration approval for its Fasenra drug to treat severe asthma. That follows a positive recommendation by European regulators last week.

BHP Billiton – BHP's annual meeting is set for tomorrow, and activist investor Elliott Management has received key support in its push for significant change at the mining giant. Fund management firm Aberdeen, the third biggest shareholder in BHP, said it fully supports Elliott as it pushes to get BHP to sell U.S. oil and gas assets and make other changes.

Alphabet — Alphabet's flagship search engine Google is once again the default search engine for Mozilla's Firefox browser in the U.S. Verizon's Yahoo had been the default search engine for Firefox.

Madison Square Garden – The owner of the New York Knicks, New York Rangers, and the flagship Madison Square Garden arena has put the WNBA's New York Liberty basketball team up for sale, saying it was actively seeking a buyer to take over immediate operations of the team.

Nintendo – Nintendo is close to a deal with Comcast's Universal Pictures to make an animated "Super Mario Brothers" movie, based on the popular video game. Comcast is the parent company of NBCUniversal, which operates CNBC.

CarGurus – CarGurus earned an adjusted 2 cents per share for its latest quarter, beating the consensus forecast of a breakeven quarter. Revenue beat estimates, as well. The online automotive marketplace said its October initial public offering has helped raise its brand awareness.

Snap – The stock was downgraded to "market perform" from "outperform" at JMP Securities, which is concerned about the impact of the upcoming SnapChat app redesign on user growth.