Premarket Stocks to Watch: Fidelity, Ralph Lauren, Caterpillar, and More

Be sure to check out the companies making headlines this morning.

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Norfolk Southern

Shares of the rail company fell by more than 3% over the weekend following reports that the Environmental Protection Agency had sent the company a notice of potential liability the weekend. The notice was related to last week's explosion and derailment of railcars containing hazardous materials in East Palestine, Ohio, which caused an explosion and caused an explosion in the area.

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Meta

Facebook's shares jumped 2.6% after the Financial Times reported that it was planning a fresh round of layoffs after the company laid off 11,000 employees in November, the last time it did this after it announced it was planning a round of layoffs. In the first half of this year, the stock price of the company has risen by more than 44%.

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Caterpillar

Shares of Caterpillar, one of the world's largest machinery companies, fell by more than 1% after Baird downgraded the company to neutral from outperform. There was a note from the investment firm to clients stating that Caterpillar is "nearing a cyclical pivot point," which means that revenue growth at the company is likely to slow.

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Ralph Lauren

There was a 2.5% increase in shares of the apparel retailer on Tuesday after Bank of America upgraded the stock to buy from neutral, and raised its price target for the stock as well, stating that the brand is distinguishing itself among its peers during a challenging time. A positive earnings report was released on Thursday followed by the conference call.

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Fidelity National Information Services

During the pre-market, the stock of the company fell by 8.5%. Even though the company reported a slight beat in earnings and revenue, its forecast fell short of what analysts were expecting. In terms of adjusted earnings per share, Fidelity anticipates that the company will earn $1.17-$1.23 in the first quarter, compared to the StreetAccount estimate of $1.42, and revenue of $3.38 billion to $3.43 billion, compared to $3.57 billion expected.

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Cadence Design Systems

The company's shares were up 1.7% in premarket trading ahead of the release of the company's earnings for the fourth quarter scheduled for Monday. Cadence expects to report revenues in the range of $870 million to $890 million in the coming quarter. There is an expectation that the company will earn 92 cents a share on revenue of $884.8 million according to analysts surveyed by Refinitiv.