Stocks making the biggest moves before the bell: Alibaba, Lyft, Walgreens and more
Check out the companies making headlines in premarket trading.
Alibaba — Shares jumped 9.8% after the e-commerce giant said it would split its company into six separate business groups. Each will have the potential to raise outside funding and go public.
Lyft — The ride-sharing company added 5% after announcing its co-founders, CEO Logan Green and President John Zimmer, will soon step down from their day-to-day roles. Former Amazon executive David Risher will take the helm April 17.
First Republic Bank — The closely followed regional bank gained 3.6%. That follows an 11.8% rally in Monday's session as investors bought back into the stock after selling off last week. Investors were contemplating whether a $30 billion rescue plan from a group of banks would be enough to shore up its liquidity.
Walgreens Boots Alliance — The pharmacy stock advanced 1.7% after the company posted better-than-expected fiscal second-quarter results. Adjusted earnings per share came in at $1.16, above the $1.10 anticipated by analysts, per Refinitiv. Meanwhile, the company reported revenue at $34.86 billion, beating the $33.53 billion expected by Wall Street.
PVH — Shares of the apparel company jumped more than 12% following a better-than-expected fourth-quarter report. PVH generated $2.38 in adjusted earnings per share on $2.49 billion of revenue. Analysts surveyed by Refinitiv were expecting $1.67 in earnings per share on $2.37 billion of revenue. Revenue from the Tommy Hilfiger and Calvin Klein brands grew by 3% each, and PVH's revenue guidance also topped expectations.
PagSeguro — Shares gained 5% after Citi upgraded the Brazilian payment stock to buy on the back of fourth-quarter earnings. While the firm said the earnings report was largely unsurprising and the company was still in "rough waters," shares were more attractive following a bout of underperformance.
Ciena — The technology company added 3.1% following an upgrade to strong buy from outperform by Raymond James, which cited Ciena's entry in the edge router market as a catalyst.
Occidental Petroleum — The energy stock jumped 1.9% in premarket after a regulatory filing showed Warren Buffett's Berkshire Hathaway purchased an additional 3.7 million shares for $216 million on Monday and last Thursday. The move boosted the conglomerate's stake in the oil giant to 23.5%.
Paramount — Shares of the legacy media giant advanced 5% on Tuesday morning on a rating upgrade from Bank of America from neutral to buy. The firm highlighted the company's strong lineup of assets that could help Paramount value itself at a premium compared with the market in the event the business is ever put up for sale.
Fox — Shares slipped more than 1% after Bank of America downgraded the media company to neutral from buy, saying there were no near-term catalysts to drive the stock price up.
Array Technologies — The renewable energy stock added 3.6% following an upgrade to buy from hold by Truist. While the firm said the company should see some weakness in the first quarter, it will be helped by domestic and international tailwinds later in the year.
— CNBC's Arjun Kharpal, Jesse Pound, Michelle Fox, Brian Evans and Yun Li contributed reporting.
Correction: Raymond James upgraded Ciena shares. A previous version misstated the firm's name.