Chinese tech stocks like Alibaba and Tencent came under pressure in 2022 as regulatory pressure and a slowing Chinese economy weighed on growth. But investors are starting to be a bit more bullish on Chinese tech giants in 2023.
Jakub Porzycki | Nurphoto | Getty Images
Check out the companies making headlines in premarket trading.
Ali Baba — Shares rose 9.8% after the e-commerce giant announced it would split its company into six separate business groups. Each has the potential to raise external financing and go public.
lyft — The ride-sharing company gained 5% after announcing that its co-founders, CEO Logan Green and President John Zimmer, will soon step down from their day-to-day duties. Former Amazon executive David Risher will take the helm on April 17.
Bank of the First Republic — The closely followed regional bank gained 3.6%. This follows an 11.8% rally in Monday’s session as investors bought back into the stock after last week’s sell-off. Investors debated whether a $30 billion bailout from a banking group would be enough to shore up its liquidity.
Walgreen’s Boots Alliance — Pharmacy shares gained 1.7% after the company reported better-than-expected second-quarter results. Adjusted earnings per share were $1.16, ahead of the $1.10 per Refinitiv analysts were expecting. Meanwhile, the company reported revenue of $34.86 billion, beating the $33.53 billion expected by Wall Street.
PVH — The apparel company’s shares rose more than 12% after a better-than-expected fourth-quarter report. PVH had adjusted earnings per share of $2.38 on sales of $2.49 billion. Analysts polled by Refinitiv were expecting earnings per share of $1.67 on sales of $2.37 billion. Tommy Hilfiger and Calvin Klein brand sales each rose 3%, and PVH’s sales guidance also beat expectations.
guarantee — Shares rose 5% after Citi upgraded the Brazilian payments stock to buy it on fourth-quarter earnings. While the company said the earnings report was largely unsurprising and that the company is still in “rough water,” shares are more attractive after a period of underperformance.
Respect — The tech company rose 3.1% after Oppenheimer was upgraded to a strong buy by Oppenheimer, which cited Ciena’s entry into the edge router market as a catalyst.
Western Petroleum – The energy stock is up 1.9% premarket after a regulatory filing showed Berkshire Hathaway bought another 3.7 million shares for $216 million from Warren Buffett on Monday and last Thursday. The move increased the conglomerate’s stake in the oil giant to 23.5%.
Outstanding – Shares of the legacy media giant rose 5% on Tuesday morning after Bank of America upgraded its rating from neutral to buy. The company highlighted the company’s strong lineup of assets that could help Paramount price itself at a premium to the market if the company is ever put up for sale.
Fox – Shares fell more than 1% after Bank of America downgraded the media company to neutral from buy and said there were no near-term catalysts to push the stock price higher.
array technologies — The renewable energy stock rose 3.6% after Truist upgraded it to buy from Truist. While the company said the company should see some weakness in the first quarter, domestic and international tailwinds will help later in the year.
– CNBC’s Arjun Kharpal, Jesse Pound, Michelle Fox, Brian Evans and Yun Li contributed coverage.
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2023-03-28 12:39:02
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