Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023.<\/p>\n
Bloomberg | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Check out the companies making the biggest moves in premarket trading:<\/em><\/p>\n Alibaba<\/a><\/span><\/span><\/span> \u2014 U.S.-listed shares fell 2.3% after the China e-commerce giant announced CEO Daniel Zhang was stepping down and will be replaced by Eddie Wu, one of Alibaba’s co-founders<\/a>. The move follows the company’s announcement in March it was restructuring its business into six business groups<\/a>.<\/p>\n Atmus Filtration Technologies<\/a><\/span><\/span><\/span> \u2014 Shares of the air filtration company rose more than 2% after a slew of analysts initiated coverage with bullish ratings, including JPMorgan. The bank said Atmus trades at a “deep discounted valuation vs. peers, despite >80% of aftermarket mix, while its planned expansion into industrial filtration should bridge the valuation gap vs. direct filtration peers over time.”<\/p>\n Dice Therapeutics<\/a><\/span><\/span><\/span> \u2014 The biopharmaceutical stock soared 37.7% after Eli Lilly<\/a><\/span><\/span><\/span> said it was acquiring the company<\/a> for $48 per share, or about $2.4 billion, in cash.<\/p>\n Avis Budget<\/a><\/span><\/span><\/span> \u2014 Shares added 3.5% in light volume following an upgrade by Morgan Stanley<\/a> to overweight from equal weight. Analyst Adam Jonas also upped his price target to $230 from $182, suggesting 12.6% upside. Jonas cited Avis’ proven track record of fleet risk management and lower operating expenses relative to sales.<\/p>\n Philip Morris International<\/a><\/span><\/span><\/span> \u2014 Shares of the tobacco company rose 1.5% in premarket trading after Citi upgraded Philip Morris<\/a> to buy from neutral. Investors are undervaluing the growth of smoke free products, according to Citi.<\/p>\n Warner Bros Discovery<\/a><\/span><\/span><\/span> \u2014 The media and entertainment conglomerate’s stock slid 1% after its movie “The Flash” took in an estimated $55 million<\/a> during its first three-day weekend, less than the $75 million to $85 million the industry had expected.<\/p>\n Carnival<\/a><\/span><\/span><\/span> \u2014 Shares moved 1.5% higher in the premarket, building on gains made last week<\/a> when it was the S&P 500’s best performer. Cruise stocks are soaring<\/a> this year as the companies recover from the Covid pandemic \u2014 the last in the travel industry to do so.<\/p>\n \u2014 CNBC’s Jesse Pound contributed reporting.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":" Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023. Bloomberg | Bloomberg | Getty Images Check out the companies making the biggest moves in premarket trading: Alibaba \u2014 U.S.-listed shares fell 2.3% after the China e-commerce giant announced CEO Daniel Zhang was stepping down and will be replaced…<\/p>\n","protected":false},"author":1,"featured_media":37931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-37930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n