US depository receipts for Alibaba ( BABA ) fell 0.9% in premarket trading. The Chinese e-commerce giant’s U.S.-listed shares rose 8% on Friday after Chinese financial regulators fined Alibaba subsidiary Ant Group nearly $1 billion. The move signals that regulatory pressure on Ant Group and the larger Chinese tech sector may finally be ending. Ant Group, meanwhile, said it would buy back up to $6 billion in shares.
Meta Platforms ( META ) rose 0.7% as Threads, the company’s microblogging app and Twitter rival, surpassed 100 million users since its launch on Wednesday.
Icahn Enterprises ( IEP ) rose 5.7% after The Wall Street Journal reported that activist investor Carl Icahn and major banks had finalized amended loan agreements that would tie his personal loans to the company’s stock trading price , which is a big risk. short seller by Hindenburg Research.
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Fisker ( FSR ) fell 4.2% in premarket trading after the electric car maker announced a $340 million convertible note offering and said it could be increased to $680 million.
Earnings reports are expected Monday from Helen of Troy ( HELE ), which sells products such as Revlon cosmetics and Pur water filters, WD-40 ( WDFC ), a maintenance and cleaning products company, and membership-based PriceSmart ( PSMT ) the retailer.
The weekend starts the earnings season on a high note with reports Thursday from PepsiCo ( PEP ) and Delta Air Lines ( DAL ) and JPMorgan Chase ( JPM ), Wells Fargo ( WFC ), Citigroup ( C ), UnitedHealth ( UNH ). and BlackRock (BLK) on Friday.
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Email Joe Woelfel at joseph.woelfel@barrons.com
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