Stocks making the biggest moves before the bell: Alibaba, Applied Materials, Gap and more
Alibaba — U.S.-listed shares of the Chinese e-commerce giant slipped 3.2%, adding to Thursday’s steep losses that were sparked by Alibaba announcing that it would no longer spin off its cloud computing business. Alibaba pointed to the U.S. export restrictions on advanced chips as justification for the decision.
BJ’s Wholesale Club — Shares retreated 4.6% in premarket trading after the company revised its expectation for comparable store sales in the fourth quarter amid shifting consumer behavior. BJ’s now anticipates sales excluding gas ranging between a 2% decrease and a 1% increase in the fourth quarter from the same period a year ago. Analysts polled by FactSet anticipate a 1% rise.
Tenet Healthcare — The treatment provider climbed 3.5% after announcing it would sell three South Carolina hospitals to Novant Health. The deal is valued at about $2.4 billion in cash.
Applied Materials — Shares slid 7.2% on Friday, a day after Reuters reported, citing sources, that the semiconductor company was under a Justice Department probe. The company is being investigated for potentially ignoring export restrictions on Chinese chip company SMIC, sources told Reuters.
Gap — The retailer soared 18.5% in premarket trading Friday. Late Thursday, Gap beat third-quarter earnings and revenue expectations, giving investors reason for optimism on the stock despite a tame outlook for the holiday shopping period.
Ross Stores — Shares rallied 6.3% on Friday as investors continued cheering the retailer’s better-than-expected financial report. On Thursday, Ross posted $1.33 in earnings per share and $4.92 billion in revenue for the third quarter, while analysts polled by LSEG forecast earnings of $1.22 per share and $4.85 billion of revenue.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
