BABA, DICE, CAR, and Beyond

Discover the companies with remarkable movements in premarket trading:

Alibaba — The shares of this U.S.-listed e-commerce giant dropped 2.3% after the announcement of CEO Daniel Zhang’s resignation. Eddie Wu, one of Alibaba’s co-founders, will assume the role of CEO. This decision came after the company’s restructuring in March, when it divided its business into six groups.

Atmus Filtration Technologies — The air filtration company’s shares surged more than 2% as a result of multiple analysts giving it positive ratings, including JPMorgan. The bank stated that Atmus trades at a significantly discounted valuation compared to its peers, despite having over 80% of aftermarket mix. Furthermore, its planned expansion into industrial filtration is expected to bridge the valuation gap with direct filtration peers in the long run.

Dice Therapeutics — The biopharmaceutical company experienced a significant 37.7% increase in its stock value after the acquisition announcement by Eli Lilly. Eli Lilly will be acquiring Dice Therapeutics for $48 per share, amounting to approximately $2.4 billion in cash.

Avis Budget — In light volume, the shares of Avis Budget increased by 3.5% following an upgrade by Morgan Stanley from equal weight to overweight. Analyst Adam Jonas also raised the price target from $182 to $230, suggesting a potential 12.6% upside. Jonas emphasized Avis’ successful track record in fleet risk management and its lower operating expenses relative to sales.

Philip Morris International — Pre-market trading witnessed a 1.5% rise in the shares of the tobacco company after Citi upgraded Philip Morris from neutral to buy. Citi stated that investors are underestimating the growth potential of smoke-free products.

Warner Bros Discovery — The media and entertainment conglomerate experienced a 1% decline in its stock value as its movie “The Flash” generated approximately $55 million during its first three-day weekend, falling short of the industry’s expected range of $75 million to $85 million.

Carnival — Prior to market opening, Carnival’s shares rose by 1.5%, building on the gains made last week, where it was the best performer in the S&P 500. Cruise stocks have been soaring this year as the companies recover from the impacts of the Covid-19 pandemic, being the last segment of the travel industry to do so.

— CNBC’s Jesse Pound contributed to this report.