US Premarket: Tesla, Alibaba, Philips and other stocks making biggest moves

Tesla (TSLA)

Tesla slipped 2.5% in premarket trading after lowering
Model 3 and Model Y prices in China up to 9%. The price cuts come after signs
of slowing demand in China. Chinese EV makers are also seeing their shares
under pressure, with Nio (NIO) down 10.4%, Xpeng (XPEV) falling 11.3% and Li
Auto (LI) losing 10.3%.

Alibaba (BABA)

Alibaba plunged 12.3% in the premarket after the release of
weaker-than-expected China GDP data. The Chinese e-commerce major saw the price
of its US ADRs fall below its 2014 IPO level of $68 per share.

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ServiceNow (NOW)

ServiceNow rose 2.5% in premarket trading after Guggenheim
upgraded the stock to “buy” from “neutral.” The brokerage firm says the digital
workflow software company has “admirable” profit margins and a dependable
customer base.

Medtronic (MDT)

Shares of the medical equipment maker added 1% in the
premarket after announcing plans to spin off its patient monitoring and
respiratory interventions unit into a separate company.

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WeWork (WE)

Shares of the office-sharing company rose 3.8% in premarket
action after Cantor Fitzgerald rated it “overweight” in new coverage. The firm
said that $2.7 billion in expenses have already been removed through cost cuts
and optimizing the company’s real estate portfolio.

China Tech Stocks

Chinese tech majors are under pressure after President Xi
Jinping secured a third leadership term, leading to speculation of a continued
crackdown on the country’s tech sector. Among shares that trade in the US
markets, JD.com slumped 15.9% in the premarket, Baidu (BIDU) plunged 12.7% and
Tencent Music (TME) lost 11%.

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Royal Philips (PHG)

Royal Philips shed 2.2% in premarket trading after
reporting a wider-than-expected loss. The Dutch medical device maker also said
it would be cutting 4,000 jobs or about 5% of its workforce. Its results were
hurt by supply chain disruptions and a massive recall of a sleep apnea device.

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Myovant Sciences (MYOV)

The drugmaker’s stock jumped 8.1% in premarket action after
it agreed to be bought by a subsidiary of majority shareholder Sumitomo Pharma
for $27 per share. That price is 10% above a previous offer by Sumitomo, which
already holds 52% of Myovant.

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Williams-Sonoma (WSM)

Williams-Sonoma slid 2.5% in premarket trading after the
housewares retailer’s stock was downgraded to “underperform” from “hold” at
Jefferies. The firm sees the shares underperforming under a more difficult
economic environment.