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

Kansas City Southern (KSU) – Shares of the rail operator surged 18.9% in premarket trading, after Canadian National Railway (CNI) offered $325 per share in cash and stock for the company, topping a prior $275 per share offer from Canadian Pacific (CP). The Canadian National offer also includes $200 per share in cash, compared to $90 for the Canadian Pacific offer. Canadian National tumbled 6.3%, while Canadian Pacific jumped 4%.

AutoNation (AN) – The auto retailer earned an adjusted $2.79 per share for its latest quarter, well above the consensus estimate of $1.87, while revenue topped estimates as well. Same-store sales were up 27% from a year earlier. The stock jumped 2.5% in premarket action.

IBM (IBM) – IBM reported quarterly earnings of $1.77 per share, beating consensus estimates by 14 cents a share. Revenue beat forecasts as well. Its quarterly sales growth was its best in more than two years, helped by a strong performance from its cloud-computing unit. The stock gained 3.4% in the premarket.

Procter & Gamble (PG) – The consumer products company beat estimates by 7 cents a share, with quarterly profit of $1.26 per share. Revenue topped estimates as well. Among the positive factors for P&G: continued strength in demand for cleaning products. P&G also announced it would increase prices by mid-to-high-single-digit percentages for a variety of products in September.

Travelers (TRV) – Strong underwriting results and improved investment returns helped Travelers beat estimates by 36 cents a share, with quarterly earnings of $2.73 per share. The company exceeded analysts' expectations despite winter storms that more than doubled casualty losses compared to a year ago. Travelers also raised its dividend and added $5 billion to its share buyback program. The stock rose 1.7% in premarket trading.

Lockheed Martin (LMT) – The defense contractor quarterly results topped Wall Street estimates, and the company boosted its full-year forecast for a variety of financial metrics including sales and cash from operations. Revenue came in very slightly below analysts' forecasts, however.

Johnson & Johnson (JNJ) – Johnson & Johnson reported quarterly earnings of $2.59 per share, compared to a consensus estimate of $2.34 a share. Revenue also beat forecasts, helped by a rebound in medical devices as well as strong pharmaceutical sales.

United Airlines (UAL) – United lost $7.50 per share for the first quarter, larger than the loss of $7.08 that analysts were anticipating. The airline's revenue came in slightly below estimates for the quarter, amid higher fuel costs and still-dampened demand due to the Covid-19 pandemic. United said it anticipates a return to profitability later this year. Shares fell 3.3% in premarket action.

British American Tobacco (BTI), Altria (MO) – These and other tobacco stocks remain under pressure this morning, following a Wall Street Journal report that the White House may order tobacco companies to cut nicotine levels in all cigarettes. British American Tobacco lost 3% in the premarket, while Altria fell 2.3%.

Tesla (TSLA) – Tesla CEO Elon Musk said that company checks indicated that the "Autopilot" feature was not engaged during a fatal crash in Texas over the weekend that killed two people. Police are still investigating, but say no one was behind the wheel when the car crashed into a tree. Tesla fell 1% in the premarket.

Zions Bancorp (ZION) – Zions reported quarterly earnings of $1.90 per share, compared to consensus estimates of $1.16 a share. Revenue also came in above estimates. The bank cited an improving credit environment and what it called a "substantial reversal" of loan loss provisions that it had instituted in the heart of the pandemic.

Apple (AAPL) – Apple is set to hold a virtual event today at which it is expected to unveil new iPads, iMacs as well as "AirTags" which allow users to track devices they want to avoid misplacing.

Xerox (XRX) – Xerox fell 2.8% in premarket trade after it missed estimates by 8 cents a share, with quarterly earnings of 22 cents per share. Revenue came in above forecasts. Xerox continued to see an impact from offices remaining closed due to the pandemic.