Significant Stock Movement Before Market Open: Alibaba, Applied Materials, Gap Inc.

Several companies are making headlines in premarket trading. Shares of Chinese e-commerce giant Alibaba slipped 3.2% after announcing that it would no longer spin off its cloud computing business due to U.S. export restrictions on advanced chips. BJ’s Wholesale Club saw its shares retreat 4.6% after revising its sales expectations for the fourth quarter. Tenet Healthcare announced it would sell three South Carolina hospitals to Novant Health, causing its stock to climb 3.5%. Applied Materials shares slid 7.2% after reports of a Justice Department probe into the company for potentially ignoring export restrictions on Chinese chip company SMIC. Gap soared 18.5% after beating third-quarter earnings and revenue expectations. Ross Stores rallied 6.3% after posting better-than-expected financial results for the third quarter. Expedia advanced 3.3% following an upgrade to outperform Evercore ISI. Pacific Biosciences of California added 2.8% after a UBS upgrade to buy. GitLab fell 4.2% after a Barclays downgrade to equal weight. Marriott Vacations Worldwide lost 2.5% after a Bank of America downgrade to underperform. Analog Devices saw its shares jump nearly 2% after a Morgan Stanley upgrade to overweight.