Nike, Okta, Alibaba and more
Check out these premarket movers:
Nike (NKE) – Nike reported quarterly profit of 87 cents per share, 16 cents a share above estimates. The company’s ability to manage supply chain problems and an increase of digital sales helped it beat its estimates. Nike saw a 6.3% increase in premarket sales, while its shares were also upbeat by rivals. Foot LockerFL – 1.4%
Okta (OKTA) – Okta is investigating reports of a digital breach, with the authentication services provider saying it would provide more information when it becomes available. Premarket trading saw Okta share prices fall 6.3%
Alibaba (BABA) – Alibaba increased its share buyback program to $25 billion, the largest ever for the China-based e-commerce giant. It comes following a decline in stock prices due to growth and regulatory concerns. Alibaba surged by 8% in the premarket.
Altria (MO) – The tobacco producer’s shares rose 1.2% in the premarket after Goldman upgraded Altria to “buy” from “neutral.” Goldman highlighted Altria’s stable cash flow and high profit margins, as well as its attractive dividend during a risk-off environment.
Tencent Music (TME) – Tencent Music rallied 4.5% in premarket trading after the entertainment services company reported better-than-expected quarterly earnings and said it would pursue a secondary listing on the Hong Kong Stock Exchange.
Switch (SWCH) – Switch remains on watch following a Bloomberg report that the data center operator was exploring options including a possible sale of the company. Switch rose 11% during the five most recent trading sessions.
Upstart Holdings (UPST) – The cloud-based lending platform operator was downgraded to “underperform” from “neutral” at Wedbush, which cited Upstart’s dependence on third-party funding as well as macroeconomic risks. Upstart lost 3.6% during premarket actions.
Canadian Pacific Railway (CP) – Canadian Pacific and its workers agreed to binding arbitration to resolve their labor dispute, allowing operations to resume after a weekend lockout.
Paramount (PGRE) – The office-centered real estate investment trust saw its shares rise 1.9% in the premarket after it rejected a takeover offer from asset management firm Monarch Alternative Capital. Paramount believes the $12/share offer is significantly undervaluing the company, however it stated that they remain open to ideas for shareholder value.