Stocks Moving Major Premarket: NVDA, FDX, FRC

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

Kate Tarasov

Check out the companies making headlines in premarket trading.

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

Credit Suisse – US-traded shares of the Swiss bank fell 4.1% in premarket trading. Credit Suisse shares have had a volatile week after the largest investor announced it would not provide additional funding to the bank. The stock rose Thursday shortly after Credit Suisse announced it would borrow up to $50 billion francs ($54 billion) from the Swiss National Bank. Shares are down nearly 29% so far.

Nvidia – The chip stock gained more than 2% before the bell after being upgraded to overweight by Morgan Stanley. The Wall Street firm cited continued tailwinds from growing pressure on artificial intelligence.

First Republic Bank — Shares of the bank fell 13.3% in premarket trading. On Thursday, the stock rose nearly 10% as a group of 11 banks, including Bank of America and Goldman Sachs, agreed to deposit $30 billion into First Republic. Shares of Zions Bancorp, Comerica and KeyCorp, which are among the regional banks that saw their shares take a hit this week, also saw shares drop 2.7%, 1.3% and 1.6%, respectively.

Bumble – Bumble shares rose 1% before the bell after Citi began beating the dating app maker with a Buy rating, Sand said the stock could rise more than 20% if it gains 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 weight, noting, “While recent macro events may make leveraged stocks look worse, we are more positive on WBD due to synergies + execution.”

— CNBC’s Samantha Subin contributed reporting

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