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Stocks making the biggest moves in the premarket: Nike, Okta, Alibaba and more

Take a look at some of the biggest movers in the premarket:

Nike (NKE) – Nike reported quarterly profit of 87 cents per share, 16 cents a share above estimates. Revenue beat estimates as well, helped by an increase in digital sales and its ability to successfully navigate supply chain issues. Nike jumped 6.3% in the premarket, and its results also boosted shares of rival Foot Locker (FL) by 1.4%.

Okta (OKTA) – Okta is investigating reports of a digital breach, with the authentication services provider saying it would provide more information when it becomes available. Okta shares slid 6.3% in premarket trading.

Alibaba (BABA) – Alibaba increased its share buyback program to $25 billion, the largest ever for the China-based e-commerce giant. The move follows a slump in the stock’s price on regulatory and growth concerns. Alibaba surged 8% in premarket action.

Altria (MO) – The tobacco producer’s shares rose 1.2% in the premarket after Goldman upgraded Altria to “buy” from “neutral.” Goldman pointed to Altria’s strong cash flow, high profit margins and attractive dividend amid a current “risk-off” environment.

Tencent Music (TME) – Tencent Music rallied 4.5% in premarket trading after the entertainment services company reported better-than-expected quarterly earnings and said it would pursue a secondary listing on the Hong Kong Stock Exchange.

Switch (SWCH) – Switch remains on watch following a Bloomberg report that the data center operator was exploring options including a possible sale of the company. Switch has risen for the past five trading sessions, gaining 11% over that stretch.

Upstart Holdings (UPST) – The cloud-based lending platform operator was downgraded to “underperform” from “neutral” at Wedbush, which cited Upstart’s dependence on third-party funding as well as macroeconomic risks. Upstart slid 3.6% in premarket action.

Canadian Pacific Railway (CP) – Canadian Pacific and its workers agreed to binding arbitration to resolve their labor dispute, allowing operations to resume after a weekend lockout.

Paramount (PGRE) – The office-centered real estate investment trust saw its shares rise 1.9% in the premarket after it rejected a takeover offer from asset management firm Monarch Alternative Capital. Paramount said the $12 per share offer significantly undervalues the company but said it remains open to any ideas that enhance shareholder value.

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