Stocks Making the Biggest Premarket Moves: Levi Strauss, Biogen, Alibaba and More

Here are some notable developments in the business world prior to the commencement of trading:

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Levi Strauss: The apparel retailer experienced a decline of 7.7% after revising its profit projections for the year. Levi Strauss now anticipates adjusted earnings per share in the range of $1.10 to $1.20, down from the previously stated range of $1.30 to $1.40. According to Refinitiv, analysts had projected adjusted earnings per share of $1.29.

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Biogen: Trading of this biotech stock resumed ahead of the market opening after a temporary halt due to news that the Food and Drug Administration had approved Biogen and Esai's Alzheimer's treatment drug, Lequembi. Additionally, Medicare revealed its intention to cover payments for the treatment. As a result, shares of Biogen rose by 0.3%.

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Alibaba: Prior to the market opening, the U.S. listed shares of this Chinese e-commerce retailer increased by approximately 3%. Reports emerged that Ant Group, an affiliate of Alibaba, faces a potential $1.1 billion fine imposed by Chinese authorities. If the fine is levied, it could pave the way for Ant Group to obtain necessary licenses and potentially pursue an initial public offering. Furthermore, Alibaba launched Tongyi Wanxiang, an artificial intelligence tool, on Friday.

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First Solar: Shares of the solar company saw a 1.7% increase after securing a five-year revolving credit and guarantee facility valued at $1 billion. JPMorgan Chase will serve as the lead arranger for this arrangement.

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Bloom Energy: Shares of Bloom Energy, an electric and hydrogen power company, rose by 2% in premarket trading. RBC Capital Markets initiated coverage of the company with an outperform rating, citing strong demand for fuel cells and projecting a potential increase of over 50% in the stock's value.

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Costco: The club retailer experienced a 0.7% decrease in shares after announcing $22.86 billion in sales for the retail month of June, representing a marginal year-over-year growth of 0.4%. Notably, comparable sales in the United States declined by 2.5% compared to the previous year.

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Tesla: Following reports of a new cash rebate introduced by Tesla in China and layoffs of some workers in Shanghai, shares experienced a slight decline.

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Meta: The parent company of Facebook observed a 0.3% increase in its shares one day after announcing that its Twitter competitor, Threads, surpassed 30 million users since its launch on Wednesday. In response to the debut, Twitter sent a letter to Meta accusing it of "systemic" and "unlawful misappropriation" of trade secrets.

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