Tesla, WeWork, Alibaba and more | Catch My Job

Check out some of the biggest drivers on the market:

Tesla (TSLA) – Tesla fell 2.5% in pre-sales after cutting the prices of the Model 3 and Model I in China by up to 9%. The price cut comes amid signs of softening demand in China. Chinese electric vehicle makers are also seeing their shares under pressure, with No (NIO), down 10.4% XPeng (KSPEV), losing 11.3% and Li Auto (LI), down 10.3%.

We work (VE) – Shares of the office-sharing company jumped 3.8% in premarket trading after Cantor Fitzgerald rated it “overweight” in a new report. Kantor notes that $2.7 billion in costs have already been eliminated by cutting costs and optimizing the company’s real estate portfolio.

Alibaba (BABA) – Alibaba fell 12.3% in premarket trading after the release of weaker-than-expected China GDP data. The Chinese e-commerce giant saw the price of its US ADRs fall below their 2014 IPO level of $68 per share.

Chinese tech stocks – Chinese tech stocks are under pressure after President Xi secured a third term in office, leading to speculation of a continued crackdown on the country’s tech sector. Among US-traded stocks, JD.com (JD) fell 15.9% in pre-sale, Baidu (BIDU) slipped 12.7% and Tencent Music (TME) fell 11%.

Royal Philips (PHG) – Royal Philips fell 2.2% in premarket trading after it reported a bigger-than-expected loss and the Dutch medical equipment maker also said it would cut 4,000 jobs, or about 5% of its workforce. Its results were affected by supply chain issues as well as a significant recall of sleep apnea devices.

Miovant Sciences (MIOV) – Miovant jumped 8.1% in pre-sales after the drugmaker agreed to be acquired by an affiliate of majority shareholder Sumitomo Pharma for $27 per share. That price is 10% above Sumitomo’s previous offer, which already owns 52% of Miovant.

ServiceNov (NOW) – ServiceNov added 2.5% in premarket trading after Guggenheim upgraded the stock to “buy” from “neutral.” The company says the digital workflow software company has “stunning” profit margins and a reliable customer base.

Medtronic (MDT) – A medical equipment maker has announced plans to spin off its patient monitoring and respiratory interventions unit into a separate company. Medtronic added 1% in premarket trading.

Williams-Sonoma (VSM) — The home goods retailer’s stock was cut to “underperform” from “hold” at Jefferies, with the stock underperforming in a tougher economic environment. Williams-Sonoma fell 2.5% in premarket action.