Nike, Okta, Alibaba and more

Take a look at some of the biggest drivers in the crypto market:

Nike (NKE) – Nike reported quarterly profit of 87 cents per share, 16 cents per share above estimates. Revenue also beat estimates, thanks to an increase in digital sales and the ability to successfully navigate supply chain issues. Nike rallied 6.3% in the crypto market, and its results boosted rival shares, too Footboard (FL) increased by 1.4%.

Okta (OKTA) – Okta is investigating reports of a digital breach, with the authentication service provider saying it will provide more information as it becomes available. Okta stock fell 6.3% in pre-market trading.

Alibaba (BABA) – Alibaba has increased its share buyback program to $25 billion, the largest ever for the China-based e-commerce giant. The move follows a decline in share prices due to regulatory and growth concerns. Alibaba saw an 8% increase in pre-sales.

Altria (MO) – Tobacco maker shares rose 1.2% in money markets after Goldman upgraded Altria to “buy” from “neutral”. Goldman points to Altria’s strong cash flow, high margins and attractive dividend amid the current “risky” environment.

Tencent Music (TME) – Tencent Music rose 4.5% in pre-market trading after the entertainment services company reported better-than-expected quarterly earnings and said it would pursue a secondary listing on the Exchange. Hong Kong stock exchange.

Switch (SWCH) – The company remains on track following a Bloomberg report that the data center operator is exploring options including the possibility of selling the company. Switch has been up over the past five trading sessions, up 11% in that time period.

Upstart Holdings (UPST) – The operator of the cloud-based lending platform was downgraded to “underperforming” from “neutral” at Wedbush, which shows Upstart’s reliance on third-party funding as well as macroeconomic risks. Upstart is down 3.6% in pre-purchase action.

Canadian Pacific Railroad (CPV) – Canadian Pacific and its workers have agreed to binding arbitration to resolve their labor dispute, allowing operations to resume after a weekend shutdown.

Paramount (PGRE) – The office-focused real estate investment trust saw its shares rise 1.9% in the money markets after rejecting a takeover offer from the management company. Monarch Alternative Capital assets. Paramount says the $12-per-share price tag significantly lowers the company’s valuation but said it remains open to any ideas that would enhance shareholder value.

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