Stocks move premarket on earnings, deals and analyst upgrades

Several companies moved sharply in premarket trading on Wednesday as investors reacted to earnings reports, mergers and analyst ratings. Nike fell more than 3% after saying sales in Greater China dropped 12%, even though the company beat Wall Street estimates for quarterly earnings and revenue. Constellation Brands rose about 1.5% after reporting firstquarter earnings and revenue above expectations. Other notable movers included Shutterstock and Getty Images, which fell after Getty abandoned its planned merger with Shutterstock following concerns from a U.K. regulator. Alcoa declined after announcing a $4.1 billion deal to buy parts of South32’s mining and metals portfolio. Salesforce and ServiceNow climbed after Guggenheim upgraded both stocks to buy, while Bloom Energy gained after expanding a financing partnership with Brookfield tied to AI infrastructure projects. Kroger fell after disclosing plans to buy Giant Eagle for $1.65 billion, and Sandisk and Micron eased after a strong second quarter for both chipmakers.