Today's Pre-Market Stock Movers and Top Ratings: ROKU, LUV, STZ, SQ and More

$Roku Inc (ROKU.US)$ stock rose 12% after the video streaming company said it will reduce its workforce by about 10% and limit new hiring to lower expenses.

$Tellurian (TELL.US)$ stock rose 4.4% after the oil and gas company signed a supply agreement with Baker Hughes, up 0.4%, for its U.S. liquefied natural gas export project.

$Gitlab (GTLB.US)$ stock rose 6% after the software coding platform posted a surprise profit for the second quarter.

$Moderna (MRNA.US)$ stock rose 0.6% despite the drugmaker saying the clinical trial data showed its updated COVID-19 vaccine will likely be effective against the highly-mutated BA.2.86 subvariant of the coronavirus. Rivals Novavax and Pfizer have already had their vaccines approved.

$Toast (TOST.US)$ stock rose 4.7% after UBS upgraded the restaurant management software company to ‘buy’ from ‘neutral’, saying it can rally nearly 40%.

$Alaska Air (ALK.US)$ stock fell 0.8% after cutting its pretax margin forecast for the third quarter, while $Southwest Airlines (LUV.US)$ stock fell 4.6% and $United Airlines (UAL.US)$ stock fell 1.3% after the carriers warned of higher fuel costs due to a jump in crude prices.

$Telefonica (TEF.US)$ ADRs fell 3.6% after the Spanish government said it is analysing Saudi Arabian group STC's purchase of a 9.9% stake in the telecoms giant to ensure its strategic interests are defended.

$Block (SQ.US)$ stock fell 2.7% after UBS downgraded its stance on the fintech company to ‘neutral’ from ‘buy’, saying its gross profit growth will likely decelerate in the second half of 2023 and throughout next year due to a softening in consumer discretionary spending,

$Stem Inc (STEM.US)$ stock fell 3.4% after Morgan Stanley downgraded the energy storage company to ‘equal weight’ from ‘overweight’, expressing concerns about the company's ability to reach its targets.

$UnitedHealth (UNH.US)$ initiated at Hold by HSBC, announced target price at $540.

$Amgen (AMGN.US)$ initiated at Buy by HSBC, announced target price at $320.

$American Airlines (AAL.US)$ was upgraded by BNP Paribas from Neutral to Outperform, increased target price to $20.

$Constellation Brands (STZ.US)$ was upgraded by TD Cowen from Market Perform to Outperform, increased target price from $240 to $300.

$Block (SQ.US)$ was downgraded by UBS from Buy to Neutral, decreased target price from $102 to $65.