Stocks moving big premarket: NVDA, FDX, FRC

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

Katie Tarasov

Check out the companies making headlines in premarket trading.

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

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Credit Suisse — The Swiss bank’s U.S.-traded shares were down 4.1% during 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 briefly rallied on Thursday after Credit Suisse announced it would borrow up to $50 billion francs ($54 billion) from the Swiss National Bank. Shares are down almost 29% year to date.

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

First Republic Bank — Shares of the bank declined 13.3% during premarket trading. On Thursday, the stock rallied nearly 10% as a group of 11 banks, including Bank of America and Goldman Sachs, agreed to deposit $30 billion in First Republic. Shares of Zions Bancorp, Comerica and KeyCorp, which are among the regional banks seeing a hit to their stocks this week, also 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, and said the stock could rally 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 anticipates Warner Bros Discovery shares rallying more than 40% in coming months. Wells Fargo also upgraded the stock to overweight from equal weight, noting that, “While recent macro events might make levered equities seem worse, we’ve been trending more positive on WBD due to synergies + execution.”