Stocks making the biggest moves premarket: Yelp, AutoZone, Lowe's, Dick's Sporting Goods & more

cnbc.com:

Check out the companies making headlines before the bell:

Yelp — Yelp shares surged 11.4% in premarket trading. Activist investor TCS Capital Management confirmed reports that it's built a stake of more than 4% in Yelp, and is asking the company to explore strategic alternatives including a sale, according to an open letter to the Yelp board of directors on Tuesday.

AutoZone — Shares of AutoZone fell more than 2% after the specialty retailer's third-quarter revenue came up short of expectations. AutoZone reported $34.12 in earnings per share on $4.09 billion in revenue. Analysts surveyed by Refinitiv were looking for $31.51 in earnings per share and $4.12 billion in revenue. AutoZone's inventory increased 7.4% year over year.

Lowe's Companies — Shares dipped about 1% after the home improvement retailer lowered its full-year forecast for total sales, comparable sales and adjusted earnings per share. However, Lowe's beat on first quarter earnings and revenue.

Dick's Sporting Goods — Shares of the sporting goods retailer gained more than 2% before the bell on a top-and-bottom line beat for the recent quarter. Dick's Sporting Goods beat earnings expectations by 22 cents a share and reaffirmed its 2023 forecast.

Zoom Video Communications — Zoom declined 0.7% in the premarket after posting its first quarter results. The video conferencing firm reported adjusted earnings of $1.16, more than the expected 99 cents per share, according to consensus estimates from Refinitiv. It posted revenue of $1.11 billion, higher than revenue of $1.08 billion. However, its second quarter guidance was basically in line with expectations.

Chevron — Chevron shares rose 1.2% in the premarket. HSBC upgraded the oil giant to buy from hold, saying