Premarket Movers: Encana rises, Cablevision falls

The news led a Friedman, Billings, Ramsey analyst to boost his price target to $92 from $88, and Raymond James to upgrade the stock to "Strong Buy." Shares added $4.82, or 5.6 percent, to $90.75 in early trading, having closed Friday at $85.93.

Cablevision Systems Corp. said it will buy Long Island-based newspaper Newsday from debt-burdened Tribune Co., sending shares of the cable TV operator down 46 cents, or nearly 2 percent, to $24.51 in the premarket session.

MBIA Inc. swung to a $2.41 billion loss during the first quarter as the bond insurer faced ongoing deterioration in the credit markets and was forced to take billions of dollars in write-downs. Shares lost 4.4 percent to $9.01, having closed Friday at $9.43.

Shares of FedEx Corp. fell $2.97, or 3.2 percent, to $87.40 in premarket trading, after the shipping company cut its full-year outlook and analysts predicted higher fuel costs and weakening demand will cut into profits through 2009.

Sprint Nextel Corp. shares fell 35 cents, or 3.7 percent, to $9.05 after the wireless carrier said it had a larger first-quarter deficit as revenue fell, it lost more than a million subscribers and it absorbed charges for severance and other costs.