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Stocks on the Move for Wednesday, November 29, 2023

Investors who speculated on Okta (OKTA) reporting positive results in Q3 after hackers stole all of its customer support data were down as much as 7%. The firm posted revenue growth of 21.4%. Subscription revenue increased by 22% Y/Y. Momentum traders may take advantage of Okta’s reversal.

Jabil (JBL) lost 7.66% after lowering its guidance. It blamed softening demand for revenue as low as $8.3B for Q1/2024. It previously expected revenue of $8.4B - $9.0B. Jabil needs to work through short-term inventory corrections across certain end markets.

Las Vegas Sands (LVS) dropped after Sheldon Adelson’s widow, Miriam Adelson, plans to sell $2 billion worth of LVS stock. Adelson is reportedly planning to take a majority stake in the Dallas Mavericks NBA team.

In China, Alibaba’s (BABA) co-founder Jack Ma wrote a memo about PDD’s (PDD) exceptional growth. PDD reported an earnings smasher yesterday. Ma said PDD did well in taking Alibaba’s market share position. But the firm needs to change its business course. For example, Alibaba needs to respond to PDD’s effective use of promotions to attract bargain hunters.

PDD stock gained 18% yesterday. In pre-market trade, BABA stock fell by 2.25%.