The largest premarket stock movers include Twitter, Goldman Sachs, and UnitedHealth.

Check out the companies making headlines before the bell:

Twitter's stock price increased by 8.2% in premarket trading after Elon Musk, the company's second-largest shareholder, proposed to acquire Twitter for $54.20 per share in cash. This deal would value Twitter at over $43 billion.

Goldman's shares increased by 2.2% before the market opened after the bank reported better-than-expected first-quarter earnings and revenue. Goldman stated that the "rapidly evolving market environment" had a significant impact on client activity during the quarter.

Despite market volatility and economic uncertainty, Morgan Stanley outperformed the consensus estimate by earning $2.02 per share in the first quarter, with revenue also exceeding expectations. The bank's upbeat results caused the stock to rise 2.3% premarket.

Wells Fargo reported adjusted quarterly earnings of 88 cents per share, 8 cents above estimates, but revenue was slightly below analyst projections. The bank said it would be helped by rising interest rates, but that aggressive Fed actions and the Ukraine war add to downside economic growth risks. As a result, the stock fell 3.2% premarket.

The health insurer reported an adjusted quarterly profit of $5.49 per share, 11 cents above estimates, with revenue also topping Wall Street forecasts. Its Medicare Advantage business contributed to the results, and it also raised its full-year outlook.

Rite Aid's latest quarterly loss of $1.63 per share was larger than the 57 cent loss predicted by analysts, despite revenue exceeding expectations. The company also announced a smaller fiscal 2023 loss than anticipated, along with a cost reduction program. Shares rose as much as 5.5% in premarket trading before falling back.

The stock of UPS was upgraded to "buy" by Loop Capital, resulting in a 1% increase, due to the attractive valuation of the delivery service's shares.

Western Digital and Seagate were downgraded by Susquehanna Financial, with Western Digital moving from "positive" to "neutral" and Seagate moving from "neutral" to "negative," due to expectations of weaker demand in 2023. As a result, Western Digital fell 3% in premarket trading and Seagate lost 3.3%.

The fashion rental company's stock fluctuated in premarket trading after it announced a smaller-than-expected loss, along with revenue and profit margins that surpassed analyst predictions. The stock initially declined in after-hours trading as investors focused on a lighter-than-expected forecast for the current quarter, before recovering and then losing its gains again.

Vanguard is the largest shareholder of Twitter, with a 10.29% stake, while Elon Musk holds the second-largest stake at 9.13%.