Check out the companies making the biggest moves in premarket trading:
Alibaba — 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 of the air filtration company rose more than 2% after a slew of analysts initiated coverage with bullish ratings, including JPMorgan. 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.”
Avis Budget — Shares 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 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 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 pandemic — the last in the travel industry to do so.
— CNBC’s Jesse Pound contributed reporting.