People walk past GM vehicles on display in the General Motors World Headquarters building in the Renaissance Center in Detroit.
Paul Hennessy | SOPA pictures | LightRakete | Getty Images
Take a look at some of the biggest movers in the premarket:
Levi Strauss (LEVI) – The denim maker was up about 3% after reporting quarterly earnings on Thursday night that exceeded Wall Street expectations. Levi reported adjusted earnings of 23 cents per share on sales of $ 1.28 billion. According to Refinitiv, that exceeded analysts’ expectations of 9 cents per share on sales of 1.21 billion US dollars.
General Motors (GM) – The automaker’s stock rose more than 3% in pre-market trading after Wedbush rated it above average and said its stock could rise more than 50%. As the company proves its vision for electric vehicles in the years to come, “the stock is being valued as a disruptive technology and EV game rather than a traditional car rating,” the Wedbush analyst said.
Bank of America (BAC), Citigroup (C) – Bank stocks traded higher as bond yields rose again on Friday morning, adding to concerns about a global economic slowdown that were compounded when yields fell on Thursday. Bank of America and Citigroup stocks are up about 1.6%. JPMorgan and Wells Fargo trade about 1% higher. The profitability of the sector is closely related to the level of interest rates and generally increases with rising long-term interest rates.
Delta (DAL), United (UAL), American (AAL) Airlines – Airlines’ stocks rise after falling from the pandemic on Thursday amid concerns over global economic recovery. American Airlines is trading nearly 2% higher and Delta and United stocks are up 1.2%.
Norwegian Cruise Line (NCLH), Carnival (CCL) – Cruise lines are also bouncing back after sliding down Thursday in response to concerns about a slowdown in the economy. Norwegian Cruise gained 2.2% in pre-opening trading and Carnival gained 2.5%.
Didi Global (DIDI), Tencent Music Entertainment (TME) – US-traded stocks of several Chinese companies rebounded from their sharp falls earlier this week, sparked by the Chinese government’s crackdown on stocks traded on US stock exchanges. Didi shares rose 3.4% in pre-market trading and Tencent Music rose 2.4%, while e-commerce platform Pinduoduo rose more than 3% and search giant Baidu rose 2.3%. Tech giant Alibaba is also up 1.5%.
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