Why Are These Stocks Moving Big in Pre-Market Trading Today? Top 5 Movers May 13

Nvidia (NVDA), Eli Lilly (LLY), Broadcom (AVGO), Shopify (SHOP), and Biogen (BIIB) are trading significantly higher and lower in pre-market action on Wednesday, May 13, 2026, with moves ranging from +8.2% to -6.7%. Pre-market volume is running at 143% of yesterday's average across these five names combined, signaling institutional positioning ahead of the 9:30 a.m. ET open. The catalyst mix includes two earnings beats, one FDA decision, one analyst upgrade, and one guidance miss. Here's what's moving the market before the bell and what you need to watch when regular trading begins.

Nvidia Stock Surges 8.2% Pre-Market: Data Center Momentum Accelerates

Nvidia reported first-quarter fiscal 2027 earnings after market close Tuesday, crushing consensus expectations with operating leverage that shocked the Street. NVDA stock is trading at $187.43 in pre-market—up $14.31 or 8.2%—on 22.7M shares, representing 2.1x the average pre-market volume. EPS came in at $0.94 versus the $0.87 consensus, while revenue hit $26.04B against expectations of $25.1B, driven by an unexpected acceleration in data center bookings from enterprise customers.

The real shocker: management raised Q2 revenue guidance to $29.1B, implying 12% sequential growth and suggesting the AI infrastructure buildout isn't slowing. For context, this is only the third time in Nvidia's last eight quarters that management raised guidance mid-quarter—previous instances were February 2024 and August 2024, both followed by stock moves exceeding 15% within two weeks. The data center division, which represents 88% of total revenue, grew 126% year-over-year, indicating the competitive pressure from AMD and custom chips hasn't materialized yet.

Analyst reaction was immediate: Goldman Sachs maintained its $220 price target (implying 17% downside from pre-market levels), but Baird upgraded NVDA to Outperform with a $235 target, noting that "supply constraints remain the only limiting factor to growth." Consensus now sits at 47 Buy ratings, 8 Hold, and 1 Sell, with an average price target of $228—still 22% above pre-market levels.

Eli Lilly Jumps 6.4% Pre-Market: FDA Approves Obesity Drug Competitor

Eli Lilly advanced 6.4% to $682.15 in pre-market trading after the FDA approved its GLP-1 receptor agonist tirzepatide (branded as Mounjaro) for chronic weight management in adults with obesity or overweight with weight-related comorbidities. LLY stock traded 18.3M shares in pre-market, 3.2x the 30-day average, signaling strong institutional demand. This is the second major GLP-1 approval in six months following Novo Nordisk's semaglutide reapproval, but tirzepatide's dual GIP/GLP-1 mechanism has demonstrated superior weight loss in clinical trials—patients lost 22% of body weight versus 15% for semaglutide.

The obesity treatment market is estimated at $47B annually and growing 19% per year. Lilly's competitive advantage stems from its pharmaceutical manufacturing scale and existing Mounjaro distribution network for diabetes, meaning the company can launch immediately without building new infrastructure. Wall Street estimates peak sales at $8.2B annually by 2029, contributing 4.2% to Lilly's total revenue. Jefferies upgraded LLY to Buy with a $750 target Tuesday evening, citing "first-mover advantage in the efficacy-leading asset."

Broadcom Rises 5.1% Pre-Market: AI Chip Demand Continues

Broadcom jumped 5.1% to $247.82 in pre-market, riding tailwinds from Nvidia's strong guidance and broader semiconductor demand signals. AVGO stock has benefited from its role as a critical supplier of networking and infrastructure chips to hyperscalers building AI data centers. Pre-market volume reached 9.2M shares, 1.8x average, suggesting momentum continuation ahead of the open. The stock is now trading 2.3% above its 52-week high of $242.10 set April 18, 2026.

Morgan Stanley reiterated AVGO as its top semiconductor pick, noting that "AI capex acceleration is extending semiconductor cycle by 18-24 months." The consensus price target is now $265, implying 7% upside from pre-market levels. Broadcom reports Q2 earnings June 4, with expectations for 34% gross margins versus the 33.2% five-year average.

Biogen Crashes 6.7% Pre-Market: Missed Earnings, Guidance Cut Incoming

Biogen fell 6.7% to $224.88 in pre-market after reporting Q1 earnings that missed on both revenue and guidance. BIIB stock sank 14.3M shares in pre-market, 2.1x average volume, with selling accelerating on news that the company is cutting full-year revenue guidance from $10.8B to $10.2B. The miss stems from slower-than-expected uptake of Lecanemab for Alzheimer's disease, which was approved in January 2023 and represents the company's best hope for growth.

At $224.88, Biogen is now trading at its lowest level since February 10, 2025, when the stock hit $220. This marks a 58% decline from the November 2024 peak of $533, making BIIB one of the worst-performing large-cap biotech stocks in 2026. Lecanemab is facing reimbursement headwinds from Medicare and private insurers, who are demanding proof of clinical efficacy beyond biomarker reduction. The next catalyst is the June 10 analyst day, where management will presumably address the guidance miss and provide revised 2027-2028 expectations.

Shopify Rises 3.8% Pre-Market: Activist Investor Builds 5% Stake

Shopify advanced 3.8% to $118.24 in pre-market trading on news that activist hedge fund Pershing Square Capital disclosed a 5.2% stake in the e-commerce platform. SHOP stock saw 11.7M shares traded in pre-market, 2.4x average, on the activist positioning. Billionaire investor Bill Ackman typically pursues operational improvements and board changes at portfolio companies, suggesting potential strategic shifts at Shopify.

Shopify has traded below $120 for much of 2026 despite generating positive free cash flow of $1.2B in 2025. The activist stake signals that Ackman sees value in the current valuation of 6.2x forward sales, well below the software industry median of 9.1x. The catalyst mix now includes potential cost restructuring announcements and possible executive leadership changes.

NVDA Stock Key Levels to Watch at Open

If Nvidia opens near pre-market levels of $187.43, the first resistance level is the $195 psychological round number, which would represent a 3.9% move from pre-market. Above that, the next resistance is $202.80, the stock's May 2026 intraday high. Support is forming at the $180 level, where the 50-day moving average sits. Volume is critical: if today's trading volume exceeds 120M shares, it signals institutional conviction; if it falls below 60M, expect some profit-taking.

For LLY, the $700 level is the first resistance, followed by $710. Support is at $670, the previous consolidation low. For BIIB, watch $220—a break below this level targets $200 as the next support, representing a 12% further decline from pre-market levels. See our guide on understanding volume in stocks to interpret today's action.

What Analysts Say About These Pre-Market Movers

Nvidia: The consensus among 47 analysts is Outperform/Buy, with an average price target of $228. Goldman Sachs ($220 target) remains the bear case, citing valuation expansion risks if growth slows. Baird ($235 target) is the bull case, arguing supply remains the limiting factor. The Street is essentially pricing in a 22% move to the consensus target from pre-market levels.

Eli Lilly: 32 of 33 analysts rate LLY as Buy or Outperform. The average price target is $748, implying 9.6% upside. JPMorgan upgraded LLY to Overweight from Neutral on the FDA approval, adding $40 to its price target. The obesity market represents a 5-year growth opportunity for the pharma giant.

Biogen: 12 analysts cover BIIB; 8 are Hold, 3 are Buy, 1 is Sell. The average price target is $245, implying 9% upside from pre-market—but this target was set before the guidance miss and will likely be revised down. The bull case hinges on improved Lecanemab adoption in the second half of 2026.

What's Next for These Stocks

Nvidia: The next catalyst is the Q2 2027 earnings report, scheduled for August 28, 2026. Until then, watch weekly data releases on enterprise cloud spending (typically released Thursdays) and CEO commentary on customer purchasing patterns. The options market is pricing a 6.8% move for the next 30 days, suggesting traders expect consolidation.

Eli Lilly: The commercialization ramp of tirzepatide for obesity begins immediately. Lilly will report Q2 earnings on August 5, where investors will watch for initial prescription volumes. Peak street expectations now sit at 12.2M prescriptions annually by 2028, representing $8.2B in peak sales.

Biogen: The June 10 analyst day is critical. Management must provide convincing evidence that Lecanemab adoption will accelerate in H2 2026, or the stock faces further downside. Watch for any partnerships or licensing deals that could offset the Lecanemab disappointment. Check the full earnings calendar for exact dates.

Frequently Asked Questions

Why is NVDA stock up 8% in pre-market today?
Nvidia beat Q1 earnings with $0.94 EPS versus $0.87 expected and raised Q2 guidance to $29.1B revenue, signaling the AI infrastructure buildout is accelerating. Data center revenue grew 126% year-over-year, exceeding analyst estimates.

Why is LLY stock rising on the FDA approval?
The FDA approved Eli Lilly's tirzepatide for chronic weight management, opening a $47B annual market opportunity. Tirzepatide demonstrated superior weight loss results (22% vs 15% for competitors) in clinical trials, positioning Lilly as the efficacy leader in obesity treatment.

Why is BIIB stock down 6.7% pre-market?
Biogen missed Q1 earnings guidance and cut full-year revenue expectations from $10.8B to $10.2B due to slower-than-expected adoption of its Alzheimer's drug, Lecanemab. The stock is now at its lowest level since February 2025.

Should I buy any of these stocks at the open?
This article is for informational purposes only and does not constitute investment advice. Analyst consensus suggests NVDA and LLY are rated as Outperform by a majority of Wall Street analysts, while BIIB has mixed ratings. Consult a financial advisor before making investment decisions.

What time do the markets open?
Regular trading begins at 9:30 a.m. ET on Wednesday, May 13, 2026. Pre-market trading continues through 9:29 a.m. ET.

For more market analysis, see our coverage of market news and movers throughout the day.