Stocks making the biggest moves premarket: Twitter, Coca-Cola, Warner Bros. Discovery and more

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Check out the companies making headlines in premarket trading.

Coca-Cola — Shares of Coca-Cola rose about 1% after the company beat analysts' expectations on the top and bottom lines in the recent quarter. The beverage giant reported adjusted earnings of 64 cents per share on revenues of $10.5 billion, while analysts expected 58 cents per share on $9.83 billion in revenue.

Twitter — Twitter ticked 5% higher on reports that the social media giant is close to a deal with Elon Musk. It comes a day after the company's board reportedly met Sunday to discuss a takeover bid from Elon Musk, who has already secured $46.5 billion in financing.

Oil stocks —Shares of energy companies fell on Monday as oil prices fell on fears of a global slowdown amid lockdowns in Shanghai. Chevron, ConocoPhillips, and Marathon Oil dipped 2.2%, 2.6% and 2.8% respectively.

Kellogg — Shares of Kellogg dipped 1.8% after Deutsche Bank downgraded the stock to a hold. The bank cited the impact from workers' strikes, rising inflation and supply chain disruptions among the reasons for the downgrade.

Verizon — Verizon shares fell 1% after Goldman Sachs downgraded the stock to neutral. The bank said Verizon is situated well for 5G growth but offers a lower potential return compared to peers like AT&T.

Penn National Gaming — The gaming stock rose 2.8% after Morgan Stanley named it a buy despite its recent underperformance. The bank also sees opportunities in its Barstool Sports and theScore businesses.

Warner Bros. Discovery — Warner Bros. Discovery's stock fell 2.5% as investors continued to digest the news that the company would shutter its CNN+ service weeks after its launch.

Deere — The equipment manufacturer's stock fell 3.4% after Bank of