Top-4 Premarket Movers to Watch Today 👀

The S&P 500 snapped a 5-day losing streak on Thursday with a 0.7% gain, while the Dow advanced 0.5%. The Nasdaq outperformed with a 1.1% rally, and the small-cap Russell 2K added 0.6%.

Today, S&P 500 futures are up 0.3% in early morning trading.

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An activist investor is making a run at Bath & Body Works.

In a regulatory filing from this morning. Third Point LLC reported it had acquired a 6.02% stake in the specialty retailer.

Third Point has criticized the company for excessive executive pay packages and other frivolous expenditures, and it's pressuring the company to appoint new board members.

If Third Point doesn't get its way, there are some indications that the activist hedge fund could be gearing up for a proxy fight.

Shares of BBWI are up 4.8% on the news, making it this morning's most active S&P 500 stock.

My Take: Third Point recently ran a successful activist campaign against Disney that resulted in the media giant agreeing to add a seat to their board and other demands. We could see similar results here. BBWI is down 40% since January, so a change in perspective might not be the worst idea for the company.

DocuSign is trending after an earnings beat.

The document management company released its fiscal Q3 earnings on Thursday evening, and the numbers topped expectations.

DocuSign reported non-GAAP diluted EPS of $0.57 per share, surpassing the Street's $0.42 EPS target.

Q3 Revenues came to $645.5 million and also topped the consensus estimate of $627.2 million.

DocuSign also hiked its Q4 and FY2022 forecast in response to the unexpectedly strong quarter.

DOCU is the top stock in the Nasdaq-100 with an 11.1% gain.

My Take: Nice beat for DOCU. It seems enterprise & B2B tech stocks are holding up a lot better than their consumer-focused counterparts. Keep an eye on this trend in the coming weeks.

Baudax Bio is moving higher on a clinical update.

The pharma firm announced the initiation of a study evaluating the safety and tolerability of its BX1000 neuromuscular blockade in elective surgery patients.

Baudax says the double-blind Phase 2 clinical trial will study the drug in 80 adult patients aged 18 to 65 years of age.

The company also said the drug has produced no serious adverse events to date, and efficacy parameters have been recorded.

Baudax said it expects to announce preliminary data from the study in early 2023next year, and it plans to complete full enrollment by March 2023.

BXRX is today's top performers with a 70.0% gain on active volume.

My Take: This dramatic rally is almost certainly the result of a short squeeze. This tiny $2.04 million stock has a short percentage of 114.69%, and today's upbeat news and a wave of sustained buying pressure has sent the shorts scrambling.

Marin Software has landed a spot with a retail titan.

The enterprise marketing software company has joined Walmart's Platform Partner program as an API partner.

Users of Marin's MarinOne platform can now directly access Walmart Connect to launch advertising and other promotional campaigns.

The new integration is a major win for Marin, as Walmart reaches nearly 90% of all US households each year via online & in-person sales.

News of the deal sparked a 43.3% rally for MRIN, and it's one of this morning's most actively-traded stocks.

My Take: MRIN made a nice move on this news, but I would still be concerned about this company's long-term outlooks. Ad budgets are one of the first casualties when interest rates go up, and it doesn't look like the Fed is going to slow down any time soon.