Let’s take a look at some of the biggest movers in the premarket:
Nike (NKE) – Nike’s quarterly earnings are 87 cents per share, 16 cents higher than expected. Revenues also exceeded estimates, supported by increased digital sales and the ability to successfully solve supply chain problems. Nike surged 6.3% in the premarket, resulting in a 1.4% increase in rival Foot Locker (FL) share.
Okta (OKTA) – Okta is investigating reports of digital breaches and states that authentication service providers will provide more information when they become available. Okta shares fell 6.3% in pre-market trading.
Alibaba – Alibaba has increased its share buyback program to $ 25 billion. This is the largest e-commerce giant in history based in China. This move follows a decline in stock prices due to regulatory and growth concerns. Alibaba surged 8% in pre-marketing behavior.
Altria (MO) – Tobacco producers’ share increased 1.2% in front of the market after Goldman upgraded Altria from “neutral” to “buy”. Goldman noted Altria’s strong cash flow, high returns and attractive dividends in the current “risk-off” environment.
Tencent Music (TME) – Tencent Music rose 4.5% in pre-market trading after entertainment services companies reported higher-than-expected quarterly earnings and announced that they would pursue a second listing on the Hong Kong Stock Exchange.
Switch (SWCH) – The switch continues to be monitored following Bloomberg’s reports that data center operators are exploring options that include the possibility of selling the company. Switch has risen in the last five trading sessions, up 11% in that range.
Upstart Holdings (UPST) – Cloud-based lending platform operators have been downgraded from “neutral” to “underperform” at Wedbush. It cites Upstart’s reliance on third-party financing and macroeconomic risk. The upstart slid 3.6% in the pre-marketing action.
Canadian Pacific Railway (CP) – The Canadian Pacific Railway and its workers have agreed to a binding arbitration to resolve a labor dispute, allowing them to resume operations after a weekend lockout.
Paramount (PGRE) – Office-centric real estate investment trusts rose 1.9% in front-of-market stocks after rejecting a takeover offer from asset management firm Monark Alternative Capital. Paramount said the $ 12 per share offer underestimated the company significantly, but said the idea of increasing shareholder value would continue to be accepted.