May 31, 2023

Brighton Journal

Complete News World

Stocks making the biggest moves before the bell: BABA, LYFT, WBA, and more

Chinese technology stocks, such as Alibaba and Tencent, took a hit in 2022 as regulatory pressure and a slowdown in the Chinese economy weighed on growth. But investors are starting to feel a little more optimistic about the Chinese tech giants in 2023.

Jacob Borzycki | Norphoto | Getty Images

Check out which companies are making headlines in pre-market trading.

Alibaba – Shares jumped 9.8% after the e-commerce giant said it would split its company into six separate business groups. Each will have the ability to raise external funding and make public announcements.

Lyft — The ride-sharing company added 5% after announcing that its co-founders, CEO Logan Green and President John Zimmer, will soon step down from their day-to-day roles. Former Amazon CEO David Resher will take over the company on April 17.

First Republic Bank – The closely watched regional bank gained 3.6%. This follows a gain of 11.8% in Monday’s session as investors returned to buying into stocks after last week’s sell-off. Investors were pondering whether a $30 billion bailout from a group of banks would be enough to shore up liquidity.

Walgreens Boots Alliance The pharmacy stock advanced 1.7% after the company reported better-than-expected fiscal second-quarter results. Adjusted earnings per share came in at $1.16, higher than the $1.10 that analysts had expected, per Refinitiv. Meanwhile, the company reported revenue of $34.86 billion, surpassing the $33.53 billion expected by Wall Street.

PVH – Shares of the apparel company jumped more than 12% after a better-than-expected fourth-quarter report. PVH generated $2.38 in adjusted earnings per share on $2.49 billion in revenue. Analysts surveyed by Refinitiv had expected earnings per share of $1.67 on $2.37 billion. Revenue from the Tommy Hilfiger and Calvin Klein brands grew 3% each, and PVH revenue guidance beat expectations.

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PagSeguro Shares rose 5% after Citi upgraded Brazilian Payments shares to buy on fourth-quarter earnings. And while the company said the earnings report was largely unsurprising and that the company remains in “a difficult state,” the shares were more attractive after a bout of underperformance.

Ciena — The technology company added 3.1% after the upgrade to the strong buy from Outperformance Oppenheimer, which cited Ciena’s entry into the high-end router market as a catalyst.

Occidental Petroleum — The energy stock jumped 1.9% in the primary market after a regulatory filing showed that Warren Buffett’s Berkshire Hathaway bought an additional 3.7 million shares for $216 million last Monday and Thursday. The move boosted the conglomerate’s stake in the oil giant to 23.5%.

Paramount — Shares of the longtime media giant advanced 5% Tuesday morning as a result of Bank of America’s rating upgrade from neutral to buy. The company highlighted the company’s strong asset portfolio that could help Paramount value itself at a premium relative to the market should the company ever go up for sale.

FOX – Shares fell more than 1% after Bank of America downgraded the media company to neutral from Buy, saying there were no near-term catalysts to raise the share price.

Array Technologies Renewable Energy stock added 3.6% after an upgrade to buy from Truist. While the company said the company will see some weakness in the first quarter, domestic and international tailwinds will help it later in the year.

– Arjun Kharpal from CNBCAnd Jesse Pound, Michelle Fox, Brian Evans and Yoon Lee contributed reporting.

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