Stock market today: Live updates

These are some of the stocks making notable moves in premarket trading:

• Snap — The social media company tumbled 31%, the morning day posting worse-than-expected revenue and offering a soft outlook.
• Yum Brands — Shares slipped 1.8% after the KFC, Taco Bell and Pizza Hut parent reported fourth-quarter earnings and revenue that missed expectations.
• CVS — The stock added less than 1% after CVS exceeded Wall Street expectations for its fourth quarter, citing strength in its health services business. But the company cut its full-year outlook, noting higher medical costs.

See the full list here.

— Alex Harring

Roblox shares rallied 12% before the bell after the video game developer topped Wall Street’s estimates and issued strong full-year guidance.

The company reported a loss of 52 cents per share on $1.13 billion in bookings. That represented its highest quarterly bookings figure ever and topped the 55-cent loss per share and $1.08 billion in bookings expected by analysts polled by LSEG. Bookings is used as a revenue figure for Roblox.

For the full year, the company said it expects bookings to range between  $4.1 billion and $4.28 billion, ahead of a consensus range of $3.4 billion to $4.27 billion.

— Samantha Subin, Rohan Goswami

Shares of New York Community Bancorp. surged in premarket trading after the firm announced that former Flagstar Bank CEO Alessandro DiNello will become the company’s executive chairman, effective immediately.

The bank scheduled a conference call to discuss these changes for 8:30 am ET on Wednesday.

The move comes after NYCB’s stock has fallen dramatically over the past week over concerns about the company’s potential loan losses. Moody’s Investors Service downgraded the bank’s credit rating on Wednesday to junk status.

Shares of NYCB were up 13% in premarket trading to $4.75, after having dipped briefly to $3.50 per share earlier in extended trading.

Alibaba shares jumped after the Chinese e-commerce giant said it would be accelerating share buybacks even after missing market expectations for sales.

U.S. listed shares of the company rose 3.2% in premarket trading after it announced it would increase the size of its share buyback program by $25 billion. For its first fiscal quarter, Alibaba reported revenue of 260.35 billion Chinese yuan ($36.6 billion) versus 262.07 billion yuan expected.

Alibaba is coming off a tumultuous year, during which it executives its its largest-ever corporate structure overhaul and made several high-profile management changes.

—Arjun Kharpal, Evelyn Cheng, Jeff Cox

Hong Kong-listed shares of Chinese electric vehicle companies rose in late morning trading after China’s commerce ministry revealed its plan for “healthy development of new energy vehicles” in the country.

Shares of BYD Company rose 2.7%, Nio jumped 3.3%, while Xpeng and Li Auto gained 1.2% each.

“The healthy development of new energy vehicle trade cooperation will help promote the transformation and upgrading of the automobile industry, and play an important supporting role in stabilizing and optimizing the structure of foreign trade,” the statement read.

The Hang Seng index gained 0.3%, while the CSI 300 index added 0.4%.

Earlier this year, BYD produced more than 3 million new energy vehicles in 2023, beating U.S. EV leader Tesla‘s production numbers for a second straight year.

— Shreyashi Sanyal

China’s biggest chipmaker SMIC said Wednesday that persistent global macroeconomic headwinds and geopolitical tensions could impact its business in 2024.

“In 2024, the company will still face the challenges from macroeconomic, geopolitics, industry competition and inventory for all products,” said SMIC in its fourth-quarter 2023 earnings call on Wednesday.

The company on Tuesday posted a 54.7% drop in fourth-quarter profit, as the semiconductor industry faced several headwinds including inventory corrections and macroeconomic headwinds.

Profit in the fourth quarter of 2023 was $174.68 million, down 54.7% from the same period a year earlier. It was lower than LSEG analysts’ expectations of $225.41 million. Gross margin in the fourth quarter dropped to 16.4% from 32% a year ago.

– Sheila Chiang

Kakaobank shares jumped 7% on Wednesday after the digital payments firm reported higher fourth-quarter profit.

The company’s fourth-quarter net profit rose nearly 25% to 75.7 billion Korean won ($57.2 million) from a year earlier.

Kakaobank added 2.42 million new users to its platform, an 11.8% increase.

Operating revenue for the company stood at 663.7 billion Korean won ($501 million), a near 37% increase from the year-ago quarter.

— Shreyashi Sanyal

Australian energy firm Santos was the largest loser on the S&P/ASX 200 on Wednesday after merger talks with Woodside ended on Wednesday.

Shares of Santos plunged as much as 8.5%, while Woodside gained 2.38%.

Woodside said in an exchange filing that the two sides “ceased discussions regarding a potential merger.”

Santos also confirmed the announcement: “Following an initial exchange of information, sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders.”

— Lim Hui Jie

Warner Bros. Discovery, Fox and Disney’s ESPN are planning on launching a joint sports streaming service later this year, the companies said on Tuesday.

Each company will own a one-third stake in the new platform, which has yet to have a name or price. Consumers will also have the option to either subscribe via a new app or through a bundle with the companies’ other streaming products including Max, Hulu and Disney+.

Shares of Disney were about 1% lower in extended trading, while Fox and Warner Bros. Discovery stock added 6% and 3%, respectively.

— Brian Evans