Stocks making the biggest moves premarket: Target, Novavax, Nio and more

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Check out the companies making headlines before the bell:

Target (TGT) – The retailer's stock gained 1% in the premarket after it announced a 20% dividend hike. Target will increase its quarterly payout to $1.08 per share from 90 cents.

Signet Jewelers (SIG) – The jewelry retailer's stock rallied 5.1% in the premarket after it posted better-than-expected quarterly profit and revenue, and issued an upbeat full-year forecast. Signet also expanded its share repurchase authorization by $500 million.

Novavax (NVAX) – The drug maker's shares slid 5.3% in premarket trading following news that an FDA decision on approval of Novavax's Covid-19 vaccine could be delayed. An FDA spokesperson told CNBC that the agency needs to review changes in the company's manufacturing process.

Nio (NIO) – Nio shares lost 5.7% in the premarket after the China-based electric vehicle maker's quarterly report highlighted shrinking profit margins and a downbeat outlook due to supply chain challenges. Nio posted a smaller-than-expected quarterly loss with revenue topping analyst forecasts.

Intel (INTC) – Intel announced a hiring freeze at its Client Computing Group as it reassesses spending priorities amid global macroeconomic uncertainty. The move comes amid a slide in worldwide personal computer demand.

Tesla (TSLA) – Tesla shares jumped 3.2% in premarket trading after UBS upgraded the stock to «buy» from «neutral,» saying the recent share price decline has provided an attractive entry point given a strong operational outlook.

Five Below (FIVE) – Five Below reported a quarterly profit of 59 cents per share, a penny above estimates, but revenue fell below analyst forecasts. The discount retailer also cut its full-year guidance. The