Stocks move strongly premarket: NVDA, FDX, FRC

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

Katie Tarasov

Check out the companies making headlines in premarket trading.

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

CreditSuisse — U.S.-traded shares of the Swiss bank fell 4.1% during premarket trading. Credit Suisse shares had a volatile week after its biggest investor announced it would not provide additional funds to the bank. The stock rallied briefly 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 stock was up more than 2% before the bell after Morgan Stanley upgraded it to overweight. The Wall Street company cited continued momentum from the growing push toward artificial intelligence.

Bank of the First Republic — The bank’s shares fell 13.3% during premarket trading. On Thursday, the stock rose nearly 10% as a group of 11 banks, including Bank of America and Goldman Sachs, agreed to inject $30 billion into First Republic. shares of zions bancorp, Comerica and KeyCorp, which is among regional banks that took a hit on its shares this week, also fell 2.7%, 1.3% and 1.6%, respectively.

bumblebee – Bumble shares rose 1% before the bell after Citi began coverage of the dating app maker with a buy rating, saying the stock could climb more than 20% if it grabs market share.

Warner Bros. Discovery — Shares of the media company rose 4.2% after Wolfe Research upgraded it to outperform. The company expects Warner Bros Discovery shares to rise more than 40% in the coming months. Wells Fargo also upgraded the stock to overweight from equal weighting, noting, “While recent macro events may make leveraged stocks look worse, we have seen a more positive trend in WBD on synergy and execution.”

— CNBC’s Samantha Subin contributed to the coverage Stocks move strongly premarket: NVDA, FDX, FRC

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