Check out the companies making the biggest moves in premarket trading: PepsiCo — The snack and beverage giant rose nearly 6% after activist investor Elliott Management took a $4 billion stake in the company, touting a “rare” and “historic” opportunity for a turnaround at the iconic soft drink and snack company. The investment by Elliott, founded by Paul Singer, was first reported by The Wall Street Journal . Elliott, now one of Pepsi’s five largest active investors, sent a presentation and letter to Pepsi’s board of directors Tuesday, detailing an agenda for restoring business momentum. Kraft Heinz — The company confirmed earlier reports that it would split up into two publicly traded companies through a tax-free spinoff. The names of the two new companies will be determined at a later date. One unit, which currently goes by Global Taste Elevation, will include Kraft’s shelf-stable products such as Heinz and Kraft Mac & Cheese. The other one, North American Grocery, will include brands such as Oscar Mayer and Lunchables. Shares were little changed. Constellation Brands — The stock tumbled 8.3% after the brewer cut its full-year guidance. It now expects earnings to come in between $10.77 and $11.07 per share, down from its prior guidance of between $12.07 and $12.37 per share. Signet Jewelers — The jeweler popped 3.8% on better-than-expected results for the second quarter. Signet earned $1.61 per share, excluding certain items, on revenue of $1.54 billion. Analysts polled by FactSet expected a profit of $1.24 per share on revenue of $1.5 billion. The company also increased its full-year earnings guidance. Nio — U.S.-listed shares of the Chinese electric-vehicle maker moved 1.5% higher. Nio had 31,305 deliveries in August, a new record . However, the company posted disappointing adjusted earnings and revenue for its second quarter. Air Lease — Shares rose more than 6% after the aircraft leasing company reached a merger deal with Apollo, Brookfield, SMBC Aviation Capital and Sumitomo. The deal, which is expected to close in the first half of next year, values the company at about $28.2 billion, including debt. Cytokinetics — The late-stage biopharmaceutical company soared 27% after it said a clinical trial of its heart disease drug, aficamten, showed a meaningful improvement in patients with symptomatic obstructive hypertrophic cardiomyopathy, than the standard of care, metoprolol. Lam Research — The stock fell 3.7% following a downgrade at Morgan Stanley to underweight from equal weight. The bank said it doesn’t expect Lam Research to sustain growth into 2026. Corning — The glass manufacturer gained 1.3% after UBS upgraded the stock to buy from neutral, citing ongoing artificial intelligence-driven growth. Biogen — The biopharma stock added 1.6% after Biogen and Eisai said the U.S. Food and Drug Administration approved an injectable version of their Alzheimer’s disease drug, Leqembi. Alibaba — U.S.-listed shares of the Hong Kong-based technology giant added 1%. Last week, Alibaba reported earnings and CNBC reported, citing people familiar, that the company was developing a new artificial intelligence chip . Newmont — The gold miner gained 2% after the precious metal hit a record high of $3,508.50 earlier in Tuesday’s session. — CNBC’s Fred Imbert and Alex Harring contributed reporting.
