Movers & Shakers: Alibaba’s and Lyft’s stocks surge, Tommy Hilfiger parent PVH shares rally and other stocks on the move

Here are some of the biggest movers on Tuesday with banks no longer featuring at the extremes as volatility in the sector subsides.

Stock gainers:

• As an example of the lower volatility in bank stocks, shares of First Citizens Bancshares Inc.
  FCNCA,
  +53.74%,
  which soared a record 54% on Monday, were little changed in premarket trading on Tuesday. The SPDR S&P Regional Banking exchange-traded fund
  KRE,
  +0.87%
  edged up 0.5%.

• The U.S.-listed shares of Alibaba Group Holding Ltd.
  BABA,
  -0.90%
  shot up 9.6% after the China-based e-commerce giant said it planned to reorganize into six business groups, each with their own chief executives and board of directors.

• Shares in PVH Corp.
  PVH,
  +1.18%
  were near the top of the leaderboard, jumping 12% after the owner of the Tommy Hilfiger and Calvin Klein brands delivered a strong outlook for 2023, following Monday’s closing bell.

• Lyft Inc. shares,
  LYFT,
  -2.74%
  which have dropped more than 85% from their 2019 IPO price, rallied 7% after saying David Risher will take over as CEO, replacing co-founder Logan Green.

• Ciena Corp. shares
  CIEN,
  -1.26%
  were up nearly 4% after the optical networking company was upgraded to “strong buy” at Raymond James.

• Walgreens Boots Alliance Inc.‘s stock
  WBA,
  +0.73%
  was climbing 2% after the healthcare services and drugstore chain reported fiscal second-quarter profit that beat expectations.

Stock decliners: