Check out the companies making the biggest moves in premarket trading: Defense stocks — Defense stocks jumped after President Donald Trump called for a defense budget of $1.5 trillion in 2027, saying in a Truth Social post he wanted to build a “Dream Military.” Lockheed Martin and L3Harris Technologies rallied 8%, while Northrop Grumman soared 8.5%. General Dynamics and RTX gained about 5%. Applied Digital — Shares moved nearly 5% higher after the company posted an earnings and revenue beat for its fiscal second quarter. Applied Digital’s revenue came in at $127 million, versus the $88 million LSEG consensus estimate. It also broke even on a per-share basis, versus a loss of 12 cents a share expected from analysts. The company said it is in advanced discussion with another investment-grade hyperscaler across multiple regions. Gap — The retailer added 4% on the back of an upgrade to buy at UBS, which said it expects an inflection in sales and earnings growth. Alcoa — The aluminum company fell 3.8% following a downgrade at JPMorgan to underweight . The firm pointed to uncertainty around tariffs and the stocks’ relative valuation. Generac — The power generator maker rose 2% following an upgrade to buy from neutral at Citi. The bank said the stock’s more than 20% pullback since late October is overdone, calling for more than 45% upside. Constellation Brands — The maker of Corona and Modelo climbed 1.6% following the release of its third-quarter results. Constellation reported adjusted earnings of $3.06 per share on revenue of $2.22 billion. Analysts polled by LSEG had expected earnings of $2.63 per share on revenue of $2.16 billion. Shell — The petrochemical giant fell more than 2% after Shell issued an update to its fourth quarter outlook, noting weakness in its Chemicals & Products segment, and that Trading & Optimisation will be “significantly lower” than in the third quarter. — CNBC’s Fred Imbert contributed reporting.