The largest premarket stock movers include Best Buy, BJ's, and Snowflake.

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

Despite an underwhelming fourth-quarter report from Best Buy, with adjusted earnings just matching analyst expectations, its shares climbed 5% in premarket trading after the company announced it was raising its quarterly dividend by 26%.

BJ's reported quarterly revenue of $4.36 billion, which was 13.8% lower than expected by analysts, resulting in a premarket drop of shares.

In premarket trading, Big Lots shares dropped 6.4% following a weaker-than-anticipated earnings report. Although the retailer reported earnings of $1.75 per share, this was below the Refinitiv consensus estimate of $1.89 per share.

After missing Wall Street estimates on both the top and bottom line, the off-price retailer's shares dropped 12.1% premarket. Burlington reported quarterly adjusted earnings of $2.53 per share on revenue of $2.60 billion. The Refinitiv consensus estimate was for $3.25 per share earned on $2.78 billion in sales.

Kroger's premarket shares increased by 5.8% after the grocery chain surpassed earnings expectations. The company reported fourth-quarter adjusted earnings of 91 cents per share on revenue of $33.05 billion. Analysts had predicted a profit of 74 cents per share on revenue of $32.86 billion, according to Refinitiv.

Snowflake's shares are down more than 18% premarket after the company forecasted slowing product revenue growth and reported an adjusted loss of 43 cents per share. Despite this, revenue came in at $383.8 million, beating analyst estimates of $372.6 million.

Box's shares increased by 5.7% before market open after the company reported better-than-expected quarterly results. The company earned 24 cents per share, excluding items, on $233 million in revenue. Analysts surveyed by Refinitiv predicted the company would earn 23 cents on $229 million in revenue.

American Eagle's quarterly report caused a 4.6% decline in the retailer's shares premarket, as the company forecasted that higher freight costs would negatively impact their earnings in the first half of 2022.

Intel's stock price dropped 1.3% in early trading after Morgan Stanley downgraded it from equal-weight to underweight. Ethan Puritz of Morgan Stanley stated that downgrading value stocks will allow them to focus on more actionable situations with better risk-reward opportunities.

Southwest's stock was upgraded to outperform by Evercore ISI, with the firm citing the airline's greater relative financial strength and margin-focused planning as reasons for the upgrade.

—CNBC’s Jesse Pound and Samantha Subin contributed to this report.