Stocks making the biggest moves premarket: JD.com, Roku, Alibaba and more
Check out the companies making headlines before the bell:
Adobe (ADBE) – Adobe shares fell 3.7% in premarket trading after the software company issued weaker-than-expected financial guidance for the current quarter and the full year. Adobe is facing headwinds from the war in Ukraine and unfavorable foreign exchange rates, although its most recent quarter did beat Wall Street estimates for profit and revenue.
JD.com (JD) – JD.com is exploring a possible expansion into food delivery, according to CEO Xin Lijun in an interview with Bloomberg. That would put the Chinese e-commerce giant in direct competition with Alibaba and Meituan, which dominate that business in China. JD.com jumped 8.9% in the premarket.
U.S. Steel (X) – U.S. Steel rallied 7.7% in the premarket after issuing better-than-expected guidance for the current quarter. The steel producer’s results are being helped by rising demand and higher steel prices.
Roku (ROKU) – Roku shares gained 3.4% in premarket action after it announced a partnership with retail giant Walmart (WMT). Users of Roku devices will be able to purchase items with their remotes while streaming TV programs.
Alibaba (BABA) – Alibaba surged 9.2% in premarket trading after Reuters reported that China’s central bank approved Alibaba-affiliate Ant Group’s application to form a financial holding company. That revives hopes of a possible Ant Group initial public offering.
Centene (CNC) – Centene rose 1.9% in the premarket after the health insurer raised its earnings outlook and added $3 billion to its share repurchase program. It also plans to reduce its real estate footprint.
Bausch Health (BHC) – Bausch Health suspended plans to take its Solta Medical unit public, pointing to a number of factors including challenging market conditions. Solta sells aesthetic technology for treatments like skin smoothing and body contouring. Bausch added 3% in premarket trading.
Snap (SNAP) – The social media company’s stock added 2% in the premarket following news that Snap is testing a paid subscription model that would give users access to exclusive and pre-release features.
American Express (AXP) – The financial services giant was upgraded to “outperform” from “neutral” at Baird, which said that “relentless panic selling” has provided an attractive buying opportunity. American Express gained 1.5% in premarket action.
Utz Brands (UTZ) – The snack maker’s stock jumped 5.4% in the premarket after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman cites Utz’s strong position in the fast-growth salty snack category, among other factors.
