Check out the companies making the biggest moves premarket: Reddit — The social media platform surged 12% after S & P Dow Jones Indices said Reddit would join the S & P 500, starting Aug. 18. The company will replace AvalonBay Communities. Applied Materials — Shares lost more than 5% in premarket trading after the semiconductor manufacturing equipment maker posted Q2 results that failed to impress investors. The company earned an adjusted $3.50 per share on revenue of $9.12 billion. Sales within its key semiconductor systems division came in at $7.04 billion, only slightly above a FactSet consensus of $6.96 billion. Wayfair — The online furniture retailer gained 4% after getting an upgrade from Bernstein to outperform from market perform. “”In a furniture market that is not growing, Wayfair is putting up [high single-digit] revenue growth in the US,” analysts at the firm wrote . Workday — Shares were up around 2%. Workday rallied nearly 18% on Thursday — its best session in 10 years — after Reuters reported that private equity firm Silver Lake was in talks to buy the company. Fox Corporation — The media company gained 2% after getting upgrades from JPMorgan and Wells Fargo. Analysts at both banks pointed to momentum in Roku, which Fox is acquiring for $22 billion . Sandisk — The memory name climbed 5% after an analyst at JPMorgan upgraded the stock to overweight from neutral. “Sandisk’s ‘New Business Model’ long-term agreements have structurally reset its margin profile higher and materially reduced cyclicality by converting the majority of its business into long-dated, high-margin, take-or-pay-style revenue,” the analyst said.
