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Pier 1 and Rite Aid shares tumble on lowered outlook; Yahoo shares rise ahead of Alibaba IPO

Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.

Pier 1 Imports (PIR) stock fell in early trading. The home furnishings retailer cut its full year outlook after reporting second quarter earnings and revenue that missed Wall Street estimates. Profit fell by nearly half amid weak store traffic and smaller margins.

Rite Aid (RAD) shares fell in the pre-market after the drugstore chain cut its full year outlook. The company said lower reimbursements rates and increased use of generic drugs will hurt profit. However, earnings and revenue for the second quarter topped analysts' estimates thanks to strong sales at its pharmacies.

Flexion Therapeutics (FLXN) in the spotlight after the biotech firm said the Food and Drug Administration placed a clinical hold on a mid-stage trial of the company's experimental  treatment of osteoarthritis of the knee.

Yahoo (YHOO) shares were higher in early trading as investors wait for Alibaba to price its initial public offering after the market close. The Chinese e-commerce giant is expected to price between $66 and $68 dollars a share. It's set to start trading on the New York Stock Exchange under the ticker "BABA" on Friday morning.  [Yahoo Finance's parent company, Yahoo, has a 22.6% ownership stake in Alibaba and stands to profit from the IPO.]

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