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Stocks making the biggest moves premarket: Johnson & Johnson, FedEx, Zions and more

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FedEx's shares gained more than 2% before the bell after announcing a dividend hike and a corporate reorganization.

— Albemarle shed 3.3% after Bank of America downgraded the chemicals manufacturing stock to underperform from neutral. The bank significantly cut its earnings forecast for Albemarle and lowered its price target to $195. The new target implies the stock could fall about 7% from Tuesday's close.

— Shares of the potato processing giant were up about 1% ahead of the company's scheduled earnings release on Thursday. Bank of America included Lamb Weston in its recent list of short-term stock picks for the second quarter, saying it is optimistic the company will beat consensus earnings estimates.

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