Stocks making the biggest moves premarket: CarMax, FedEx, Seagen and more

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Check out the companies making headlines before the bell:

CarMax (KMX) – The automobile retailer beat estimates by 7 cents with quarterly earnings of $1.56 per share, and revenue that also beat analyst forecasts amid what the company called a «challenging» used vehicle market. CarMax added 1.1% in the premarket.

FedEx (FDX) – FedEx rallied 3.4% in premarket trading after reporting its quarterly adjusted earnings of $6.87 per share beat estimates by 1 cent. Shipment volumes declined but were offset by increased shipping rates and fuel surcharges. FedEx also issued upbeat guidance for fiscal 2023.

Seagen (SGEN) – Seagen shares jumped 3.5% in premarket action after the Wall Street Journal reported that Merck (MRK) is pushing ahead with a potential deal to acquire the biotech company. The stock had jumped last week after the paper's initial report that Merck was in talks with Seagen about a possible transaction.

Zendesk (ZEN) – Zendesk soared 56.5% in the premarket on reports that the software company is close to a buyout deal with a group of private equity firms. The Wall Street Journal reported that Hellman & Friedman and Permira are among those involved. The potential buyout comes after Zendesk announced last week that it had ended efforts to sell itself.

Microsoft (MSFT) – Microsoft gained 1.2% in the premarket after Citi named it a «top pick,» pointing to its attractive valuation and the company's ability to sustain growth.

Bausch Health (BHC) – Bausch Health announced that Chairman Joseph Papa has stepped down from the board and it was not due to any dispute or disagreement with the health care products maker. Investor John Paulson will become chairman. Bausch Health jumped 3.6% in premarket trading.

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