A sign at the office of Alibaba Group Holding Ltd. in Beijing, January 17, 2023.
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Check out the companies making the biggest moves in pre-market trading.
alibaba — U.S.-listed shares fell 2.3 percent after the Chinese e-commerce giant announced CEO Zhang Yong was stepping down and replaced by Alibaba co-founder Eddie Wu. The move follows the company’s announcement in March that it would reorganize its operations into six business groups.
Atmus filter technology — Shares of the air filtration company rose more than 2% after a slew of analysts, including JPMorgan, initiated bullish ratings. Although Atmus has an aftermarket portfolio of more than 80%, it is “valued at a significant discount to peers, while its planned expansion into industrial filtration should bridge the gap with direct filtration peers over time,” the bank said. valuation gap.”
dice therapy — Biopharma stocks soar 37.7% Eli Lilly Said to be acquisition company $48 per share, or about $2.4 billion in cash.
newspaper budget — Shares rose a modest 3.5 percent after Morgan Stanley upgraded its rating to overweight from equal weight. Analyst Adam Jonas also raised his price target to $230 from $182, implying a 12.6% upside. Jonas cited Avis’ strong track record of fleet risk management and low operating expenses relative to sales.
Philip Morris International — Shares of the tobacco company rose 1.5 percent in premarket trading after Citigroup upgraded Philip Morris to buy from neutral. According to Citigroup, investors are underestimating the growth of smoke-free products.
warner bros found — Shares of the media and entertainment conglomerate fell 1% after its movie “The Flash” grossed an estimated $55 million in its opening three-day weekend, missing industry expectations of $75 million to $85 million.
carnival — Shares were up 1.5 percent in premarket trading, building on last week’s top performer on the S&P 500 . Cruise stocks have surged this year as the company recovers from the Covid-19 pandemic, becoming the last company in the travel industry to do so.
— CNBC’s Jesse Pound contributed reporting.