Take a look at some of the biggest movers in the premarket:
Nike (NKE) – Nike reported quarterly profit of 87 cents per share, 16 cents a share above estimates. Revenue beat estimates as well, helped by an increase in digital sales and its ability to successfully navigate supply chain issues. Nike jumped 6.3% in the premarket, and its results also boosted shares of rival Foot Locker (FL) by 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. Okta shares slid 6.3% in premarket trading.
Alibaba (BABA) – Alibaba increased its share buyback program to $25 billion, the largest ever for the China-based e-commerce giant. The move follows a slump in the stock’s price on regulatory and growth concerns. Alibaba surged 8% in premarket action.
Altria (MO) – The tobacco producer’s shares rose 1.2% in the premarket after Goldman upgraded Altria to “buy” from “neutral.” Goldman pointed to Altria’s strong cash flow, high profit margins and attractive dividend amid a current “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 has risen for the past five trading sessions, gaining 11% over that stretch.
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 slid 3.6% in premarket action.
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 said the $12 per share offer significantly undervalues the company but said it remains open to any ideas that enhance shareholder value.
The stocks making the biggest moves in premarket trading include Nike, Okta, Alibaba and more.