Stocks Making The Biggest Premarket Moves: Alibaba, Dice Therapeutics, Avis and more

Here are the notable developments in premarket trading among several companies:

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Alibaba: The U.S.-listed shares of Alibaba, a prominent China-based e-commerce giant, experienced a decline of 2.3% following the announcement of CEO Daniel Zhang's decision to step down. Zhang will be succeeded by Eddie Wu, one of Alibaba's co-founders. This leadership transition comes after the company's earlier announcement in March regarding the restructuring of its business into six distinct business groups.

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Atmus Filtration Technologies: Shares of Atmus Filtration Technologies, an air filtration company, exhibited a positive trend with an increase of over 2%. This rise can be attributed to a series of analysts initiating coverage with optimistic ratings, including JPMorgan. The bank's analysis highlights that Atmus trades at a significantly discounted valuation compared to its peers, despite having more than 80% aftermarket mix. Furthermore, JPMorgan suggests that Atmus' planned expansion into industrial filtration holds the potential to bridge the valuation gap relative to direct filtration peers over time.

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Dice Therapeutics: The stock of biopharmaceutical company Dice Therapeutics witnessed a substantial surge of 37.7% after the announcement of its acquisition by Eli Lilly. Eli Lilly will be acquiring Dice Therapeutics for $48 per share, amounting to approximately $2.4 billion in cash.

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Avis Budget: Avis Budget's shares demonstrated a growth of 3.5% in light trading volume following an upgrade by Morgan Stanley from equal weight to overweight. Analyst Adam Jonas also raised the price target for Avis Budget to $230 from $182, suggesting a potential 12.6% upside. Jonas cited Avis' established track record of effective fleet risk management and comparatively lower operating expenses in relation to sales.

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Philip Morris International: Pre-market trading for Philip Morris International, a tobacco company, saw its shares rise by 1.5% after Citi upgraded the stock from neutral to buy. Citi believes that investors are undervaluing the growth potential of smoke-free products offered by Philip Morris.

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Warner Bros Discovery: The stock of Warner Bros Discovery, a prominent media and entertainment conglomerate, experienced a decline of 1% following the release of its movie "The Flash," which generated an estimated $55 million during its initial three-day weekend. This figure fell short of industry expectations, which projected earnings between $75 million and $85 million.

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Carnival: Carnival's shares exhibited a 1.5% increase in premarket trading, building on the gains made during the previous week when it emerged as the best performer in the S&P 500. Cruise stocks have been soaring this year as the companies within the industry recover from the impacts of the Covid pandemic, with Carnival being among the last to do so in the travel sector.

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