Alibaba ($BABA) U.S.–listed shares fell 2.3% after the China e-commerce giant announced CEO Daniel Zhang was stepping down and will be replaced by Eddie Wu, one of Alibaba’s co-founders. The move follows the company’s announcement in March it was restructuring its business into six business groups.
Atmus Filtration Technologies Shares ($ATMU) of the air filtration company rose more than 2% after a slew of analysts initiated coverage with bullish ratings, including JPMorgan Chase. 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.”
Dice Therapeutics The biopharmaceutical stock soared 37.7% after Eli Lilly said it was acquiring the company for $48 per share, or about $2.4 billion, in cash.
Avis Budget Shares ($CAR) added 3.5% in light volume following an upgrade by Morgan Stanley to overweight from equal weight. Analyst Adam Jonas also upped his price target to $230 from $182, suggesting 12.6% upside. Jonas cited Avis’ proven track record of fleet risk management and lower operating expenses relative to sales.
Philip Morris International Shares ($PM) of the tobacco company rose 1.5% in premarket trading after Citi upgraded Philip Morris to buy from neutral. Investors are undervaluing the growth of smoke-free products, according to Citi.
Warner Bros. Discovery The media and entertainment conglomerate’s stock slid 1% after its movie “The Flash” took in an estimated $55 million during its first three-day weekend, less than the $75 million to $85 million the industry had expected.
Carnival Shares ($CCL) moved 1.5% higher in the premarket, building on gains made last week when it was the S&P 500′s best performer. Cruise stocks are soaring this year as the companies recover from the Covid-19 pandemic, being the last in the travel industry to do so.
https://www.cnbc.com/2023/06/20/stocks-making-the-biggest-premarket-move-.html
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