Stocks moving big premarket: NVDA, FDX, FRC

Nvidia’s A100 GPU, which is used to train ChatGPT and other generative AI, is shown at the demonstration center at Nvidia’s headquarters in Santa Clara, CA on February 9, 2023.

Katie Tarasov

Take a look at the companies making headlines in the premarket trade.

FedEx — Shares rose 11.6% after the company’s fiscal third-quarter earnings beat analysts’ expectations. FedEx reported adjusted earnings of $3.41 per share, beating Refinitiv’s consensus estimate of $2.73 per share. The company also raised its full-year profit forecast.

Swiss credit — Shares of the U.S.-listed Swiss bank fell 4.1% in premarket trading. Shares in Credit Suisse have had a volatile week after its biggest investor announced it would not provide additional funds to the bank. Shares briefly recovered on Thursday after Credit Suisse announced it would borrow up to 50 billion francs ($54 billion) from the Swiss National Bank. Shares are down nearly 29% year to date.

Nvidia – Chip stocks gained more than 2% before the bell following Morgan Stanley’s upgrade to overweight. The Wall Street firm cited continuing headwinds from the growing push into artificial intelligence.

Bank of the First Republic — The bank’s shares fell 13.3% in premarket trading. On Thursday, the stock rallied nearly 10% when a group of 11 banks, including Bank of America and Goldman Sachs, agreed to deposit $30 billion into First Republic. The shares of Zions Bancorp, comerica and KeyCorp, which are among regional banks that have seen their shares take a hit this week, also fell 2.7%, 1.3% and 1.6%, respectively.

Bumble – Bumble shares rose 1% before the bell after Citi initiated coverage of the dating app maker with a buy rating, Sand said the stock could rise more than 20% as they captured market share.

Warner Bros Discovery — Shares of the media company rose 4.2% after Wolfe Research upgraded it to outperform. The firm expects Warner Bros Discovery shares to rebound more than 40% in the coming months. Wells Fargo also upgraded the stock to equal-weight overweight, noting that, “While recent macro events may make leveraged stocks look worse, we’ve been more bullish on WBD due to the synergies + execution”.

— CNBC’s Samantha Subin contributed reporting

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