Premarket movers: Biogen, Spirit, Robinhood, and others

Check out the companies making headlines before the bell:

Biogen's Alzheimer's disease treatment, Aduhelm, will have limited Medicare coverage, as the government has announced that only patients enrolled in clinical trials will be eligible for coverage. This has resulted in a 1% decline in Biogen's premarket trading.

Spirit Airlines said it will commence negotiations with JetBlue Airways about its $3.6 billion takeover bid. Earlier this year, Spirit agreed to be acquired by Frontier Airlines parent, United Continental Holdings (ULCC), but the JetBlue offer could result in a better proposal. In premarket trading, Spirit increased by 1.4%, JetBlue added 1%, and Frontier surged by 2.5%.

Robinhood's stock price dropped 4.1% before the market opened after Goldman Sachs changed its rating from "neutral" to "sell." Goldman believes that the consensus estimates for Robinhood are too optimistic and predicts a high hurdle for the company to achieve profitability in 2023.

The lubricant manufacturer, WD-40, experienced a 9.5% increase in the premarket after reporting better-than-expected quarterly earnings and revenue. Despite earning $1.41 per share, which was 40 cents above estimates, the company slightly reduced its full-year guidance due to inflationary challenges.

Designer Brands, a footwear and accessories retailer, has raised its full-year earnings outlook and reinstated its quarterly dividend after a two-year pause. The positive forecast is being made ahead of the company's annual investor day. The stock price of Designer Brands increased by 4.6% in the premarket.

The supermarket operator's stock increased by 2.6% in premarket trading after Bank of America Securities upgraded it from "neutral" to "buy." BofA stated that increased food inflation will be one of several positive earnings drivers.

The U.S. Department of Defense granted authorization to CrowdStrike to safeguard its critical assets, resulting in a 3.7% increase in premarket activity.

The finance and human resources software company secured a new $1 billion credit agreement with lenders, replacing an earlier credit arrangement.

The discount retailer, PriceSmart, surpassed analysts' expectations by 3 cents with a quarterly profit of $1.03 per share. Additionally, the company's revenue was slightly higher than anticipated, and both merchandise sales and membership levels reached new records.