In the premarket, notable stock movers include PG&E, Hewlett Packard Enterprise, and CarMax.

Take a look at some of the biggest movers in the premarket:

PG&E's shares increased by 2.3% in the premarket after the utility reached legal settlements for two fires in Northern California. The company will pay $55 million and avoid any criminal prosecution for those fires.

The telecom and networking equipment industry was downgraded by Morgan Stanley, resulting in a 3.5% decline in premarket trading for the enterprise computing company's stock. Morgan Stanley predicts softening orders in the second half of 2022.

The auto retailer's shares dropped 2.2% in the premarket after missing its earnings estimate for the latest quarter. Despite revenue exceeding Street forecasts, CarMax's earnings per share came in at 98 cents, below the $1.25 consensus estimate. The miss was due to slowing sales volumes and rising average selling prices.

Goldman Sachs upgraded Crowdstrike to "buy" from "neutral," and the company's stock price increased by 3.6% in premarket action. The bank believes that Crowdstrike has demonstrated strong execution and that demand for its cloud computing services continues to grow.

The supermarket operator earned 75 cents per share for its latest quarter, 11 cents a share above expectations. Revenues also came in above analysts' projections. Despite increased supply chain and product costs, Albertsons was able to effectively manage them.

An unidentified investor disposed of 5% equity holdings in both Deutsche Bank and Commerzbank, resulting in a combined revenue of approximately $1.9 billion. Deutsche Bank experienced a 1.3% decline in premarket trading.

Chegg's stock price dropped 3.7% in the premarket after KeyBanc Capital Markets downgraded it from "overweight" to "sector weight." KeyBanc predicts a decline in U.S. growth trends for the provider of educational products and services.

Cisco was downgraded from "neutral" to "sell" by Citi, citing competition from JNPR and ANET as a threat to its market share. The stock dropped 2.6% in premarket trading.

Hewlett Packard Enterprise's stock was downgraded from "equal weight" to "underweight" by Morgan Stanley.