Chinese technology stocks such as Alibaba and Tencent have been hammered in 2022 as regulatory pressure and a slowing Chinese economy weighed on growth. But investors are starting to feel slightly more optimistic toward Chinese tech giants in 2023.
Jakub Porzycki | Nurphoto | Getty Images
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.
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Lyft — The ride-sharing company added 5% after announcing its cofounders, 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 if 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…
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