Stocks making the biggest moves premarket: Uber, Gap, Caterpillar & more

cnbc.com:

Check out the companies making headlines before the bell on Tuesday.

SoFi Technologies — The financial technology stock dropped 3.7% after KBW analyst Michael Perito downgraded the stock from underperform from market perform. Perito hiked his price target for shares by $2 to $7.50, however, which still implies shares can fall 34.5% from Monday's closing price. 

Estee Lauder — The beauty stock shed 1.1% following a Barclays downgrade to neutral from buy. The firm said difficulties in China could weigh on the business in the near-term.

Gap — The retail stock climbed nearly 4% after Barclays upgraded Gap to overweight from equal weight. Analyst Adrienne Yih assigned a $13 price target to the company, which suggests shares could rally 26.2% from Monday's close. The firm also upgraded retailers American Eagle, Bath & Body Works and Tapestry to overweight. Each of those are up more than 2% in early morning trading.

Incyte — Shares rose 2% after Incyte beat analysts' expectations in its latest results. The pharmaceutical company reported second-quarter revenue of $954.6 million, exceeding the FactSet consensus estimate of $909.7 million. Per-share adjusted earnings came in at $0.99, higher than the forecasted $0.72 per share. CEO Herve Hoppenot cited double-digit growth in Jakafi (ruxolitinib), a treatment for blood cancer.

Uber — Shares of the ride-hailing giant rose more than 2% in premarket trading after the company reported second-quarter results that missed analysts' expectations for revenue but offered rosy guidance for the third quarter. CEO Dara Khosrowshahi said the company achieved two major milestones during the quarter: its first quarter of free cash flow over $1 billion and its first GAAP operating profit. 

Caterp