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Stocks making the biggest moves premarket: Novartis, First Republic, 3M and more

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3M said it would cut about 6,000 positions to focus on high-growth markets, such as automotive electrification and home improvement.

— UPS shares fell 1.6%after the shipping giant reported quarterly results that missed analyst expectations. The company earned an adjusted $2.20 per share on revenue of $22.93 billion. Analysts expected earnings of $2.21 per share on revenue of $23.01 billion, according to Refinitiv.— The industrial stock added 1.3% before the opening bell.

3M reported $1.97 in earnings per share, higher than analysts expectations of $1.58 from FactSet. The Minnesota-based company announced it would cut about 6,000 positions globally in efforts to focus on high-growth markets such as automotive electrification and home improvement, while prioritizing emerging growth areas such as climate technology and semiconductors.

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