Stocks making the biggest premarket moves: Levi Strauss, Biogen, Alibaba and more
Check out the companies making the biggest moves before the bell:
Levi Strauss — The apparel retailer fell 7.7% after slashing its profit outlook for the year postmarket Thursday. Levi now expects adjusted earnings per share of $1.10 to $1.20 for the year, down from $1.30 to $1.40 previously. Analysts had expected adjusted earnings per share of $1.29, according to Refinitiv.
Biogen — Trading of the biotech stock resumed before the market opened Friday, after being halted Thursday on news that the Food and Drug Administration approved Biogen and Esai’s Alzheimer’s treatment drug Lequembi. Medicare also announced it will cover payments for the treatment. Shares were up 0.3%.
Alibaba — U.S. listed shares of the Chinese ecommerce retailer gained about 3% before the opening bell. On Friday, Reuters reported its affiliate Ant Group faces a $1.1 billion fine by Chinese authorities, which could clear the way for Ant to get necessary licenses and perhaps eventually go public. Also Friday, Alibaba launched its A.I. tool, Tongyi Wanxiang.
First Solar – Shares added 1.7% after the solar company secured a five-year revolving credit and guarantee facility worth $1 billion. JPMorgan Chase will act as the lead arranger.
Bloom Energy — Bloom Energy shares rose 2% premarket. RBC Capital Markets initiated coverage of the electric and hydrogen power company with an outperform rating, saying the stock could jump more than 50% on strong demand for fuel cells.
Costco — Shares of the club retailer were down 0.7% postmarket Thursday after Costco announced $22.86 billion in sales for the retail month of June, up just 0.4% year over year. Comparable sales in the U.S. were down 2.5% year over year.
Tesla — Shares were down fractionally following reports that Tesla announced a new cash rebate in China and laid off some workers in Shanghai.
Meta — The Facebook parent added 0.3% one day after saying it surpassed 30 million users on its Twitter competitor, Threads, which launched Wednesday. Following thedebut, Twitter sent a letter to Meta accusing it “systemic’ and “unlawful misappropriation” of trade secrets
—CNBC’s Jesse Pound and Sarah Min contributed reporting.
