Biggest stock movers today: Alibaba and Scholastic

News Snapshot:

Stock futures are inching higher in Friday's premarket action following a selloff in the prior session sparked by the Federal Reserve's latest policy meeting. Here are some of Friday's biggest stock movers in premarket trading: Biggest stock gainers Shares of Alibaba Group (NYSE:BABA) rose over 5% following reports that Cainiao Network Technology, its logistics arm, is planning to file for a $1B Hong Kong initial public offering as soon as next week. This would be the first IPO by a tech giant since the Chinese government cracked down on the sector in late 2020. Biggest stock losers Scholastic (NASDAQ:SCHL) shares...