Check out the companies making headlines in premarket trading. Alibaba – US-listed shares of the Chinese e-commerce giant slipped 3.2%, adding to Thursday’s heavy losses triggered by Alibaba announcing it would no longer exit its cloud computing business. Alibaba pointed to US export restrictions on advanced chips as justification for the decision. BJ’s Wholesale Club – Shares rebounded 4.6% in premarket trading after the company revised its expectations for comparable-store sales in the fourth quarter amid mobile consumer behavior. BJ’s now expects sales excluding gas to be between a 2% decrease and a 1% increase in the fourth quarter from the same period a year ago. Analysts polled by FactSet expect a 1% increase. Tenet Healthcare – The treatment provider climbed 3.5% after announcing it would sell three South Carolina hospitals to Novant Health. The deal is worth about $2.4 billion in cash. Applied Materials – Shares slipped 7.2% on Friday, a day after Reuters reported, citing sources, that the semiconductor company was under investigation by the Department of Justice. The company is being investigated for evading export restrictions on the Chinese chip company SMIC, sources told Reuters. Gap – The retailer rose 18.5% in premarket trading on Friday. Late Thursday, Gap beat third-quarter revenue and earnings expectations, giving investors reason to be bullish on the stock despite a bleak outlook for the period. holiday shopping. Ross Stores – Shares rallied 6.3% on Friday as investors continued to support 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 surveyed by LSEG had forecast $1.22 in earnings per share. share and $4.85 billion in revenue. Expedia – The online travel platform advanced 3.3% on the back of an update to outperform the line by Evercore ISI. The company said Expedia is at a “turnover point” with revenue growth driven by sustainable initiatives. Pacific Biosciences of California – The science stock added 2.8% after UBS upgraded it to buy from neutral. UBS said the biologics company should continue to innovate while still receiving short-term backing. GitLab – Software stock fell 4.2% after Barclays sidelined GitLab. The bank changed its rating to equal weight from overweight, citing a less attractive risk-reward ratio in the short term. Marriott Vacations Worldwide – Shares of the timeshare company lost 2.5% after Bank of America downgraded it to underperform. The bank cut its price target by about half, saying it’s a “show me story” from here. ” Analog Devices – Shares jumped nearly 2% after Morgan Stanley upgraded the company to overweight from equal weight. The bank announced improved performance and earnings downgrades following downward guidance from management. – CNBC’s Hakyung Kim and Sarah Min contributed to the report
