Stocks making the biggest moves premarket: Alibaba, Citrix, 23andMe and others

Peter Schacknow@PETERSCHACK

Check out the companies making headlines before the bell:

Alibaba (BABA) – Alibaba fell 3.8% in the premarket after a Reuters report said the Biden administration was reviewing the China-based company’s cloud unit to see if it poses a risk to US national security. The probe is said to focus on how the e-commerce giant stores the data of US clients.

Citrix Systems (CTXS) – Citrix jumped 2.8% in premarket trading following a Bloomberg report saying Elliott Investment Management and Vista Equity Partners were in advanced talks to buy the software company.

23andMe (ME) – The genetic testing company’s shares initially rallied 6% in the premarket after announcing that drug maker GlaxoSmithKline had exercised its option to extend a partnership with 23andMe. The company will receive a one-time $50 million payment as part of that agreement. The stock subsequently lost its gains and fell 1.4%.

Goldman Sachs (GS) – Goldman Sachs fell 2.2% in the premarket after reporting a mixed fourth quarter. Goldman earned $10.81 per share for the quarter, compared with a consensus estimate of $11.76, although revenue beat analyst forecasts.

Gap (GPS) – Gap tumbled 5.4% in premarket trading after Morgan Stanley downgraded the apparel retailer’s stock to “underweight” from “equal-weight,” saying it expects margins for Gap and other mall-based specialty retailers to revert back to the declining path seen pre-pandemic.

Credit Suisse (CS) – Credit Suisse chairman Antonio Horta-Osorio resigned after he reportedly violated Covid-19 protocols on multiple occasions. Horta-Osorio’s departure comes after just eight months with the bank. Credit Suisse fell 3.4% in premarket trading.

Unilever (UL) – Unilever tumbled 9.8% in premarket action after the consumer products company made a $68 billion bid for GlaxoSmithKline’s (GSK) consumer health business. That bid was the third in a series of offers to acquire the unit, but all were rejected by Glaxo as undervaluing the business. GlaxoSmithKline shares jumped 2.6%.

Kohl’s (KSS) – Activist investor Macellum Advisors is renewing its push for the retailer to increase shareholder value. Macellum holds a roughly 5% stake in Kohl’s, and is telling Kohl’s that it either needs to change its board or hire bankers to explore a possible sale or other transaction. Kohl’s rose 1% in the premarket.

Houghton Mifflin Harcourt (HMHC) – The stock surged 8.3% in the premarket following a Bloomberg report said the education materials publisher is exploring a possible sale of the company. The stock rose 4.5% Friday after the report first surfaced.

Peloton (PTON) – Peloton will begin charging for setup and delivery of its bicycles and treadmills starting January 31, services that had previously been included in the sales price. Peloton will charge $250 for setup and delivery of its bicycles and $350 for its treadmills. The stock fell 2.2% in premarket trading.