Alibaba, Lyft, Walgreens, and more stocks moved the most premarket

‍Alibaba

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As a result, the company's shares surged nine percent after it announced that it is splitting its business into six separate units, each of which is expected to be worth at least $1 billion and possibly become a publicly traded company in the future.

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Lyft

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According to Bloomberg Businessweek, the ride-hailing company has added 5% to its stock market value since it announced that its co-founders, Logan Green and John Zimmer, are stepping down from their day-to-day responsibilities. Former Amazon executive David Risher will take over as CEO on April 17.

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First Republic Bank

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Following a rally of 11.8% in Monday's session as investors bought back into the stock after it had sold off last week, the closely followed regional bank gained 3.6%. An emergency rescue plan by a group of banks was being contemplated by investors to see if a $30 billion deal would be enough to restore the bank's liquidity.

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Walgreens Boots Alliance

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Following a better-than-expected fiscal second-quarter performance by the pharmacy company, the stock jumped 1.7%. Refinitiv reported that adjusted earnings per share for the company totaled $1.16, exceeding the $1.10 analysts had expected. According to Refinitiv, revenue for the company came in at $34.86 billion, beating Wall Street's prediction of $33.53 billion.

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PVH

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According to a report released by PVH, the apparel company generated $2.38 adjusted earnings per share on $2.49 billion in revenue, well above expectations. In the fourth quarter, PVH reported higher-than-expected revenue and adjusted earnings per share of $2.38. As expected, analysts surveyed by Refinitiv estimated earnings per share of $1.67 on revenue of $2.37 billion. Both Tommy Hilfiger's and Calvin Klein's revenue increased by 3%, and PVH exceeded analysts' expectations when it came to its revenue guidance.

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PagSeguro

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As a result of fourth-quarter earnings, Citi upgraded Brazilian payment stock to a buy rating, causing shares to rise 5%. As the firm said, the earnings report was mostly not surprising and the company was still in “rough waters,” the company's shares have gained in value after an outperformance period.

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Ciena

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Ciena's shares rose by 3.1% after Oppenheimer upgraded the company from outperform to a strong buy, citing Ciena's entry into the edge router segment as one of the catalysts behind the move.

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Occidental Petroleum

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According to a regulatory filing that was released to the stock market this morning, Warren Buffett's Berkshire Hathaway has purchased an additional 3.7 million shares for $216 million during the past two weeks. The buys have increased Berkshire Hathaway's stake in the oil giant to 23.5%, which is a significant increase.

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Paramount

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As a result of a rating upgrade from Bank of America from neutral to buy, shares of the legacy media giant jumped 5% in the early hours of Tuesday morning. It was pointed out by the firm that Paramount has a strong lineup of assets that may give it a greater value than the market if it is ever put up for sale in the future.

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Fox

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 It was reported that shares of the media company fell more than 1% after Bank of America lowered its rating to neutral from buy, stating that it appears there are no near-term catalysts that can drive the price up.

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Array Technologies

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 The stock of a renewable energy company rose 3.6% following an upgrade by Truist to buy from hold following the firm's prediction the company would face some weakness in the first quarter but that it would be helped by the tailwinds both domestically and internationally in the second quarter.