Salesforce, Abbott, Wayfair, Spotify, and More Stock Market Movers

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Stock futures were holding steady Monday after Wall Street closed with a sharp rally on Friday led by tech stocks.

These stocks were poised to make moves Monday:

Salesforce

(CRM) was rising 4.1% in premarket trading after activist investor Elliott Management acquired a stake in the business-software provider. Elliott didn’t disclose the size of the stake but The Wall Street Journal, which first reported the news, said it was worth several billion dollars.

Abbott Laboratories

(ABT) fell 2.8% following a Journal report that said the Justice Department was investigating conduct at the the company’s infant-formula plant in Sturgis, Mich., that led to its shutdown last year and shortages of baby formula.

Advanced Micro Devices

(AMD) rose 2.4% and

Qualcomm

(QCOM) gained 2.2% after shares of the chip makers were upgraded to Overweight from Equal Weight at Barclays.

Applied Materials

(AMAT) was downgraded to Underweight from Equal Weight at Barclays and the stock declined 2%.

Wayfair

(W) was rising 7.8% in premarket trading after surging more than 20% on Friday after the home-furnishings retailer announced it was cutting about 1,750 employees, or 10% of its work force. On Monday, the stock was upgraded to Overweight from Underweight at

J.P.Morgan
,
and was upgraded to Buy from Underperform at BofA.

Spotify Technology (SPOT) gained 2.8% in premarket trading after Bloomberg reported the streaming music service was planning layoffs as soon as this week, joining other tech companies that have been slashing the size of their work forces.

Write to Joe Woelfel at joseph.woelfel@barrons.com