Stocks making the biggest moves in the premarket: Bank of America, Coinbase, Dell and more

Take a look at some of the biggest movers in the premarket:

Bank of America (BAC) – The strong start to earnings season from Wall Street banks continued with a beat on the top and bottom lines for Bank of America. The bank released $2.7 billion in reserves for loan losses, boosting its earnings. Shares rose 1.2% before the bell.

Coinbase (COIN) – The cryptocurrency exchange continued its volatile start as a public company, with shares rising more than 7% in premarket trading. The stock began trading at $381 per share in its direct listing on Wednesday and rose in its opening minutes, but shares reversed later in the day and Coinbase closed near $328 per share. Additionally, BTIG initiated coverage of Coinbase with a "buy" rating.

Dell (DELL) – Shares of the tech company jumped after Dell announced that is has decided to spin off its 81% equity stake in VMWare. Dell's stock rose more than 7%, while VMWare added 2.6% in premarket trading.

Nvidia (NVDA) – Raymond James upgraded the chip stock to a "strong buy" from "outperform," saying the company was well positioned in the short and long term. The firm also initiated coverage of Advanced Micro Devices with an "outperform" rating. Nvidia and AMD rose 1.8% and 1.5%, respectively, in premarket trading.

UnitedHealth (UNH)  – The managed care company beat estimates on the top and bottom lines for the first quarter, with adjusted earnings of $5.31 per share and more than $70 billion in revenue. UnitedHealth also raised its full-year earnings guidance. Shares were up 1.7% in premarket trading.

American Eagle (AEO) – The apparel company announced that it expects first-quarter revenue to top $1 billion, a mid-teens growth from the same period in 2019, before the pandemic. American Eagle also projected operated income to more than double compared with the same period. The company will report its full results on May 1. Shares rose more than 6% in premarket trading.

CrowdStrike (CRWD) – Deutsche Bank initiated coverage of the cybersecurity stock with a "buy" rating, saying in a note that the company's margins could exceed 30%. Shares of CrowdStrike rose 3% in premarket trading.

PepsiCo (PEP) – The beverage company reported adjusted earnings of $1.21 per share, which was 9 cents above estimates, according to Refinitiv. Revenue also come in higher than expected as organic revenues rose 2.4%. Shares of PepsiCo rose 0.6% in premarket trading.

BlackRock (BLK) – The asset management giant reported $7.77 in adjusted earnings per share and $4.4 billion in revenue for the first quarter, slightly above estimates on both counts, according to Refinitiv. The firm's asset under management hit $9 trillion. Shares rose 0.4% in premarket trading.

–CNBC's Michael Bloom contributed to this story.

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