Shares move on major advance markets: NVDA, FDX, FRC

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

Katie Tarasov

Check out the companies that have made headlines in the premarket trade.

FedEx – Shares rose 11.6 percent after the company’s third-quarter results exceeded analysts’ expectations. FedEx reported adjusted earnings of $3.41 per share, topping Refinitiv’s consensus estimate 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. Shares in Credit Suisse have had a volatile week after its largest investor said it would not provide additional financing to the bank. The stock rose briefly on Thursday after Credit Suisse said it would borrow up to $50 billion francs ($54 billion) from the Swiss National Bank. Shares are down nearly 29 percent year to date.

Nvidia – The chip stock rose more than 2% before the bell after Morgan Stanley upgraded it to overweight. The Wall Street firm cited a continued tailwind from the growing push toward artificial intelligence.

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

Bumble – Shares of Bumble rose 1% before the bell after Citi initiated a buy rating on the dating app maker and said the stock could rise more than 20% as it captures market share.

Warner Bros Discovery – The media company’s shares rose 4.2 percent after being upgraded by Wolfe Research. The company expects Warner Bros. Discovery shares to rise more than 40% in the coming months. Wells Fargo also raised the stock to overweight from equal weight, noting that “While recent macro events may make leveraged stocks look worse, we’ve been more positive on WBD due to synergies + execution.”

– CNBC’s Samantha Subin contributed reporting

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