Check out the companies making the biggest moves in premarket trading:
Virgin Galactic — Shares soared nearly 45% in premarket trading, a day after the company said its first commercial space tourism flight is set for later this month. Its second commercial flight is expected in early August, with monthly runs after that, the company said.
Adobe — The tech stock rallied nearly 5% following its earnings and revenue beat after the bell Thursday. The company also raised its forecast for the fiscal third quarter and full year. It expects to earn between $15.65 and $15.75 a share, after adjustments, on revenue in the range of $19.25 billion to $19.35 billion in fiscal 2023, which is on the high-end of estimates.
SoFi Technologies — Shares dropped about 6% after being downgraded by Piper Sandler to neutral from buy. The Wall Street firm said the call was mainly due to valuation, but believed the financial technology firm was a “long-term winner.” Oppenheimer also downgraded the stock Thursday due to its recent appreciation.
Cava Group — The newly debuted restaurant stock rose more than 4% in premarket trading on Friday, extending its massive gains from Thursday’s session. Cava closed at $43.78 per share on its first day of trading on Thursday, 99% above its IPO price of $22 per share.
— CNBC’s Jesse Pound contributed reporting.