By Geoffrey Smith

Investing.com -- Here are some of the stocks in focus in premarket trading on Monday, 23rd January. Please refresh for updates.

• Wayfair (NYSE: W) stock rose 12% after getting a double-upgrade from JPMorgan, flipping from underweight to overweight. The stock had already risen 20% to a four-month high on Friday.
• Salesforce (NYSE: CRM) stock rose 4.7% after hedge fund Elliott confirmed it has taken a substantial stake in business software company. Elliott managing partner Jesse Cohn said the fund "is looking forward to working constructively" with Marc Benioff and his management team.
• Spotify (NYSE: SPOT) stock rose 5.9% after the Swedish-based podcasting company said it will cut its workforce by around 6%, making it the latest in a line of technology companies to cut back after over-hiring during the pandemic.
• Baker Hughes (NASDAQ: BKR) stock rose 3.0% after the oilfield services company reported record order inflows in the fourth quarter, setting it up for a year of strong operational cash flow.
• Abbott Labs (NYSE: ABT) stock fell 2.5% after a report late on Friday that the Department of Justice is investigating conduct at its infant formula plant in Sturgis, Michigan. The plant was temporarily shut during a period when the market for formula was already badly under-supplied due to a number of factors.
• Synchrony Financial (NYSE: SYF) stock rose 2.0% after the former GE Capital reported better-than-expected earnings, with higher interest income and fee income offsetting provisions that were more than double the level of a year ago.
• PayPal (NASDAQ: PYPL) stock fell 2% after The Wall Street Journal reported that major U.S. banks are teaming up to provide their own digital wallet, which would compete with PayPal.