Alibaba, Nio and Xpeng shares fall, and other stocks on the move

Shares of Nikola Corp.
NKLA,
-15.00%
rose more than 5% in premarket trading after the EV truck maker said it was planning to let go of about 18% of its workforce as it tries to shore up its balance sheet.

Stock decliners:

Shares of WeWork Inc.
WE,
+13.16%
tumbled 12% as shareholders voted overwhelmingly for a reverse stock split, according to a Securities and Exchange Commission filing on Friday.

Stock in China EV makers Nio Inc.
NIO,
-3.98%
and XPeng Inc.
XPEV,
-1.81%
fell more than 5% each, as U.S.-listed stocks played catchup with two days of weakness for China markets. Goldman Sachs cut its growth forecasts for the country and the People’s Bank of China on Tuesday announced cuts in lending rates, the extent of which which disappointed some.

Alibaba Group Holding Ltd.
BABA,
-0.11%
shares fell 2.3% in premarket trading after the Chinese e-commerce said Daniel Zhang will step down from chairman and chief executive officer roles. He will stay on to lead the cloud business, due to be spun off.