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Alibaba, Office Depot among premarket's biggest gainers

[November 04, 2014]  By Ryan Vlastelica

NEW YORK (Reuters) - Alibaba Group Holding was by far the most active stock of Tuesday's premarket session, with almost 2 million shares changing hands after the Chinese e-commerce giant reported its first quarterly results as a public company.

The stock was last up 1.2 percent to $103, off its highs of the premarket session. Volume was almost 1.8 million shares.

Alibaba posted revenue growth of 53.7 percent. It also said it was "encouraged by continued improvement of mobile monetization."

Office Depot Inc climbed 13 percent to $5.75 before the bell after the office supplies retailer reported its first quarterly profit after three quarters of losses. It also raised its adjusted full-year operating income outlook.

On the downside, Michael Kors Holdings Ltd  forecast third-quarter earnings and sales below expectations. It also announced a $1 billion stock buyback program. The stock fell 6.1 percent to $73.25 in heavy premarket trading.

In the broader market, U.S. stock index futures ticked lower , with investors taking a pause following a rally that has taken major indexes to repeated records, although a sharp decline in crude oil could weigh on energy shares.

(Editing by Chizu Nomiyama)

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