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Alibaba plans to split itself into six units.
Greg Baker/AFP via Getty Images
Stock futures traded flat Tuesday as concerns over the global banking sector eased.
These stocks were poised to make moves Tuesday:
U.S.-listed shares of
Alibaba
(BABA) rose 7.5% in premarket trading after the Chinese tech giant said it plans to split itself into six units—including one for cloud computing—each of which will explore fundraising including possible initial public offerings.
Lyft
(LYFT) shares rose 5.6% in premarket trading after the ride-sharing company named board member David Risher as chief executive. Lyft said Monday that co-founder Logan Green, who had been serving as CEO, and co-founder John Zimmer, the current president, would be moving into non-executive roles on the board. Risher will begin in his new role on April 17. Lyft shares have decline 12.9% in 2023.
PVH
(PVH), the owner of the Calvin Klein and Tommy Hilfiger brands, topped fourth-quarter adjusted earnings and sales estimates.
PVH
stock rose 11.6% in premarket trading.
Shares of crypto exchange
Coinbase Global
(COIN) fell 2.6% in premarket trading. The stock tumbled 7.8% in the previous session after the Commodity Futures Trading Commission sued crypto exchange operator Binance and its co-founder and Chief Executive Changpeng Zhao.
Virgin Orbit
(VORB) dropped 14% to about 46 cents after Dan Hart, CEO of the
space launch startup, told employees via email the company would be extending unpaid furlough for majority of its workforce as talks for more funding continue, Reuters reported. Virgin Orbit initiated a “company-wide operating pause” on March 16 to preserve cash while looking for funding sources and strategic partners.
Occidental Petroleum
(OXY) rose 2.6% after
it was disclosed in a filing that
Berkshire Hathaway
bought more stock in the energy company in recent days, purchasing 3.7 million shares of Occidental and bringing its ownership to 211.7 million shares, a 23.5% stake. The stock also received an upgrade to Outperform from Market Perform by analysts at TD Cowen.
Ciena
(CIEN) rose 2.2%. The stock was upgraded to Strong Buy from Outperform at Raymond James, the Fly reported.
First Citizens Bancshares
(FCNCA) fell 1.2% in premarket trading after soaring nearly 54% on Monday after the bank agreed to acquire large parts of Silicon Valley Bank’s business two weeks after its collapse triggered panic throughout the financial sector.
Earnings are expected before Wall Street opens on Tuesday from
Walgreens Boots Alliance
(WBA),while
Micron Technology
(MU) and
Lululemon Athletica
(LULU) will report after stock markets close.
Write to Joe Woelfel at [email protected]