Alibaba (BABA)

Alibaba raised its share buyback program to $25 billion, the biggest ever for the China-based e-commerce giant. This comes after a slump in the stock’s price amid regulatory and growth concerns. Alibaba shares jumped 8% in premarket trading.

Also Read | Paytm shares hit all-time low, trade 75% below listing price

Nike (NKE)

Nike posted a quarterly profit of 87 cents per share, 16 cents per share above estimates. Revenue surpassed market estimates as well, on the back of an increase in digital sales and its ability to successfully navigate supply chain issues. Nike surged 6.3% in the premarket, and its results also helped shares of rival Foot Locker (FL) by 1.4%.

Also Read | Zomato founder Deepinder Goyal explains 10-minute food delivery service after backlash

Tencent Music (TME)

The entertainment services company’s shares surged 4.5% in premarket trading after its quarterly earnings beat market expectations and said it would pursue a secondary listing on the Hong Kong Stock Exchange.

Altria (MO)

Shares of the tobacco-producing company surged 1.2% in the premarket trade after Goldman upgraded Altria to “buy” and “neutral”. Goldman highlighted Altria’s solid cash flow, high-profit margins and attractive dividend amid a current “risk-off” environment.

Also Read | Why are petrol, diesel, LPG prices rising again

Upstart Holdings (UPST)

The cloud-based lending platform operator dropped 3.6% after Wedbush downgraded the stock to “underperform” from “neutral” at Wedbush, which cited Upstart’s dependence on third-party funding as well as macroeconomic risks.

Also Read | Russia-Ukraine conflict gives Indian wheat a global chance

Switch (SWCH)

Switch remains on watch after a Bloomberg report said that the data centre operator is exploring options including a possible sale of the company. Switch has surged over 11% in the past five trading sessions

Paramount (PGRE)

Paramount’s shares rise 1.9% in the premarket after it rejected a takeover offer from asset management firm Monarch Alternative Capital. The company said the $12 per share offer substantially undervalues the company, but it remains open to ideas that would enhance shareholder value.

Also Read | Oil prices rise as EU countries consider imposing ban on Russian oil

Okta (OKTA)

Okta is probing reports of a digital breach and says it will provide more information when it becomes available. Okta shares plunged 6.3% in premarket trading.