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Stocks making biggest moves premarket: TM, AMD, SHELL, UNH

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Toyota cars are displayed on the sales lot at Toyota Marin in San Rafael, California, May 11, 2022.

Justin Sullivan | Getty Images News | Getty Images

Check out the companies making the biggest moves in premarket trading.

Toyota — The Japan-based automaker’s shares jumped about 5% after shareholders reelected chairman Akio Toyoda to the board, in a broad endorsement of the company’s governance and new electric vehicle strategy.

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Logitech International — Shares of the computer accessories company fell more than 10% after Logitech said CEO Bracken Darrell is leaving for an outside opportunity. Citi downgraded the stock to neutral from buy, saying Logitech needs to provide more clarity about its long-term plans after the leadership change.

Vodafone — The cellphone network added nearly 3% in premarket trading after Vodafone and CK Hutchison agreed to merge their U.K. businesses.

Advanced Micro Devices — The chipmaker gained 3% premarket. On Tuesday, Advanced Micro Devices said it will start shipping its most advanced GPU for artificial intelligence to some customers later this year. Amazon Web Services is considering using the new chips, Reuters reported Wednesday.

UnitedHealth — Shares fell nearly 6% premarket following comments by UnitedHealth Chief Financial Officer John Rex at a conference this week that there have been elevated volumes of nonurgent surgeries in the second quarter. Other managed care companies also sank, with Humana sliding 7.5% and Cigna down 3.6%.

Lumen Technologies — Share rallied about 11%, one day after gaining 16% on news of Lumen’s new network interconnection ecosystem in partnership with Google and Microsoft.

Shell — The European oil stock was up 2.3% after Shell boosted its dividend and share buybacks and said it would keep oil production steady until 2030.

SoFi Technologies — Shares added 3.25% premarket. BTIG named SoFi a top pick in the fintech sector as student loan payments resume. The Wall Street firm’s $14 price target implies more than 46% upside from Tuesday’s close.

— CNBC’s Hakyung Kim and Jesse Pound contributed reporting.

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