The largest premarket stock movers include FedEx, GameStop, and Moderna.

Check out the companies making headlines before the bell:

Although FedEx's revenue exceeded analyst predictions, the company's earnings per share fell short by 5 cents in the latest quarter due to worker shortages caused by the Covid-19 omicron variant outbreak. As a result, FedEx's stock price dropped by 3.1% in the premarket.

Despite exceeding revenue estimates, GameStop reported an unforeseen quarterly loss due to the omicron variant and supply chain problems, causing the company's stock to decline 7.6% in the premarket.

After issuing weaker-than-expected guidance for the current quarter, U.S. Steel shares fell 3.6% in premarket trading. The company cited increasing raw materials costs, among other factors.

Moderna is requesting FDA approval for a second booster shot of its Covid-19 vaccine for adults aged 18 and older, following in the footsteps of Pfizer and BioNTech who submitted a similar request for people aged 65 and older. Moderna's stock price increased by 1% in premarket trading.

Reuters reports that the jet manufacturer is in negotiations with DAL for a potential order of up to 100 737 MAX 10 aircraft.

Joann, a crafts retailer, experienced a 8.3% decline in premarket shares after failing to meet quarterly sales expectations and announcing a $60 million increase in ocean freight costs for 2021. The company attributed the freight increase to one of several significant supply chain challenges and disruptions.

Piper Sandler downgraded Wingstop's stock from "overweight" to "underweight," causing a 4.7% slide in premarket trading. Piper stated that it will be challenging for Wingstop to maintain its premium valuation during the restaurant industry expansion cycle as higher expenses impact earnings.

Rent The Runway's stock price increased by 4.2% in premarket trading after Jefferies initiated coverage with a "buy" rating. The company's extensive product offerings and high entry barriers are expected to drive revenue growth of up to 50%.

SolarEdge's 2 million shares offering was priced at $295 per share, lower than Thursday's close of $314.60. The solar equipment and software producer's stock slid 3.4% in the premarket.