Stocks move big premarket: NVDA, FDX, FRC

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

Katie Tarasov

Check out the companies making headlines in premarket trading.

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

Credit Suisse — The Swiss bank’s U.S.-traded shares fell 4.1% in premarket trading. Credit Suisse shares have had a volatile week after its largest investor announced it would not provide additional funding to the bank. The stock rose briefly on Thursday after Credit Suisse said it would borrow up to $50 billion ($54 billion) from the Swiss National Bank. Shares are down nearly 29% year to date.

Nvidia – The chip stock rose more than 2% before the bell after an upgrade to overweight by Morgan Stanley. The Wall Street firm cited continued tailwinds from the growing push toward artificial intelligence.

First Republic Bank — The bank’s shares fell 13.3% in premarket trading. On Thursday, the stock rose nearly 10% when a group of 11 banks, including Bank of America and Goldman Sachs, agreed to pay $30 billion into First Republic. Shares of Zions Bancorp, Comerica and KeyCorp, which are among the regional banks to see their stocks take a hit this week, saw shares fall 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 it captures market share.

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

— CNBC’s Samantha Subin contributed reporting

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