Check out the companies making the biggest premarket moves: Reddit — The social media platform soared 12% after S&P Dow Jones Indices announced that Reddit would join the S&P 500 starting Aug. 18. The company will replace AvalonBay Communities. Applied Materials — Shares fell more than 5% in premarket trading after the semiconductor equipment maker reported second-quarter results that failed to impress investors. The company had adjusted earnings per share of $9.12 billion and profit of $3.50. Its core semiconductor systems division had revenue of $7.04 billion, just slightly above the FactSet consensus of $6.96 billion. Wayfair — The online furniture retailer returned 4% after being upgraded by Bernstein to outperform the market. “Wayfair is delivering (high-single-digit) revenue growth in the U.S. in a subdued furniture market,” the firm’s analysts wrote. Workday — Shares rose about 2%. Workday rebounded nearly 18% on Thursday, its best deal in a decade, after Reuters reported that private equity firm Silver Lake had entered talks to buy the company. Fox Corporation — The media company rose 2% following upgrades from JPMorgan and Wells Fargo. Analysts at both banks point to the momentum of Fox’s $22 billion acquisition of Roku, and Memory Name rises 5% after SanDisk-JPMorgan analysts upgraded the stock from neutral to overweight. “SanDisk’s ‘new business model’ of long-term contracts has structurally increased margins and significantly reduced cyclicality by converting a large portion of the business to long-term, high-margin take-or-pay revenue,” the company said in a statement. he said.
