Global Courant
Signage at the offices of Alibaba Group Holding Ltd. in Beijing, January 17, 2023.
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Check out the companies making the biggest strides in premarket trading.
alibaba — US-listed shares fell 2.3% after the Chinese e-commerce giant announced that CEO Daniel Zhang would step down and be replaced by Eddie Wu, one of Alibaba’s co-founders. The move follows the company’s announcement in March that it was restructuring its operations into six business groups.
Atmus filtration technologies — Shares of the air filtration company rose more than 2% after a slew of analysts began reporting with bullish ratings, including JPMorgan Chase. The bank said Atmus is trading at a “deeply discounted valuation relative to industry peers despite >80% of the aftermarket mix, while its planned expansion into industrial filtration should close the valuation gap relative to direct filtration peers over time have to bridge.”
Dice therapies — The biopharmaceutical share then increased by 37.7% Eli Lilly said it was acquiring the company for $48 per share, or about $2.4 billion, in cash.
Avis budget — Equities added 3.5% light volume after Morgan Stanley upgraded from equal weight to overweight. Analyst Adam Jonas also raised his price target from $182 to $230, suggesting a 12.6% increase. Jonas cited Avis’ proven track record in fleet risk management and lower operating costs relative to revenue.
Philip Morris International — Shares of the tobacco company rose 1.5% in premarket trading after Citi upgraded Philip Morris to buy from neutral. Investors are underestimating the growth of smoke-free products, according to Citi.
Warner Bros. Discovery Shares of the media and entertainment conglomerate fell 1% after the movie “The Flash” raked in an estimated $55 million over its first three-day weekend, short of the $75 million to $85 million the industry had expected.
Carnival — Stocks rose 1.5% in the premarket, building on last week’s gains when it was the top-performing S&P 500. Cruise stocks are rising this year as companies recover from the Covid-19 pandemic, the last in the travel industry to do so.
— CNBC’s Jesse Pound contributed reporting.
(TagsToTranslate)Atmus Filtration Technologies Inc
