Alibaba, Dice, Philip Morris, Boeing, FedEx, and More Stock Market Movers

American depositary receipts of
Alibaba
(BABA) fell 2.1% in premarket trading after the Chinese e-commerce giant said Daniel Zhang will be stepping down as chairman and chief executive. He will remain as leader of the company’s cloud intelligence group, which the company announced last month would be spun off.

Executive Vice Chairman Joseph Tsai will become chairman. Eddie Wu, who serves as the chairman of
Alibaba’s
Taobao and Tmall Group e-commerce businesses, will take over as chief executive. The appointments of Tsai and Wu are effective Sept. 10.

Dice Therapeutics
(DICE) was rising more than 38% to $46.73 after it agreed to be acquired by
Eli Lilly
(LLY) for $48 a share, or about $2.4 billion.

Boeing
(BA) fell slightly after it was announced at the Paris Air Show that rival Airbus had secured an order for 500 passenger jets from India’s IndiGo airline. The companies didn’t disclose the value of the order, but it likely would amount to tens of billions of dollars, MarketWatch reported.
Boeing
and
China Airlines
on Tuesday finalized an order for eight 787-9 Dreamliners.

Intel
(INTC) was rising 1.1%. The Israeli government said the chip maker was investing $25 billion to manufacture semiconductors in the country, just days after Intel announced a new facility in Poland. Intel also signed a deal for the German government to provide a third of the costs for a roughly $33 billion chip-making plant in the eastern city of Magdeburg.

United Parcel Service
(UPS) fell 0.7% in premarket trading after the International Brotherhood of Teamsters union said Friday that members had overwhelmingly voted to go on strike if a collective bargaining agreement with the shipping giant isn’t reached by the expiration of their current deal.

Philip Morris International
(PM) gained 1.9% to $96.65 after shares of the maker of Marlboro cigarettes were upgraded to Buy from Neutral with a price target of $117, up from $109.

Avis Budget
(CAR) was upgraded to Overweight from Equal Weight at
Morgan Stanley
and the price target was raised to $230 from $182.

Earnings reports are expected after the closing bell Tuesday from shipping giant
FedEx
(FDX) and residential furniture company
La-Z-Boy
(LZB). Reports are expected later in the week from
Darden Restaurants
(DRI) , 
Accenture
(ACN), and
CarMax
(KMX).

Write to Joe Woelfel at [email protected]