Check out some of the biggest movers in the premarket:
Nike (NKE) – Nike reported quarterly earnings of 87 cents per share, 16 cents per share above estimates. Sales also exceeded estimates, helped by an increase in digital sales and the ability to successfully navigate supply chain challenges. Nike jumped 6.3% in the pre-market, and the results also boosted shares of rival Foot Locker (FL) by 1.4%.
Okta (OKTA) – Okta is investigating reports of a digital breach, with the authentication service provider saying it will provide more information when it becomes available. Okta shares fell 6.3% in premarket trading.
Alibaba (BABA) – Alibaba increased its share buyback program to $25 billion, the largest ever for the China-based e-commerce giant. The move follows a slump in the share price amid regulatory and growth concerns. Alibaba rose 8% in premarket action.
Altria (MO) – The tobacco company’s shares rose 1.2% in the pre-market after Goldman upgraded Altria from “buy” to “neutral.” Goldman pointed to Altria’s strong cash flow, high profit margins and attractive dividend in a current risk-off environment.
Tencent Music (TME) – Tencent Music rose 4.5% in premarket trading after the entertainment services company reported better-than-expected quarterly results and said it would pursue a secondary listing on the Hong Kong Stock Exchange.
Switch (SWCH) – Switch remains on hold after a Bloomberg report that the data center operator explored options, including a possible sale of the company. Switch has risen over the past five trading sessions, gaining 11% over that stretch.
Upstart Holdings (UPST) – The operator of the cloud-based lending platform was downgraded from “underperform” to “neutral” at Wedbush, citing Upstart’s reliance on third-party financing and macroeconomic risks. Upstart fell 3.6% in premarket action.
Canadian Pacific Railway (CP) – Canadian Pacific and its employees have agreed to accept binding arbitration to resolve their labor dispute so that operations can resume after a weekend lockout.
Paramount (PGRE) – The office-focused real estate investment trust saw its premarket shares rise 1.9% after it rejected a takeover offer from asset manager Monarch Alternative Capital. Paramount said the $12 per share offer significantly undervalues the company, but said it remains open to ideas that increase shareholder value.
This post Nike, Okta, Alibaba and more was original published at “https://www.cnbc.com/2022/03/22/stocks-making-the-biggest-moves-in-the-premarket-nike-okta-alibaba-and-more.html”
