Levi Strauss & The company’s logo appears on jeans at a store at Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022.
Andrew Kelly | Reuters
Check out which companies are making headlines in pre-market trading.
Sirius XM — Shares of the media company fell nearly 2% in premarket trading. A day earlier, Liberty Media proposed merging its Sirius XM tracking stock with the radio company. A special committee made up of Sirius XM board members is currently studying the proposal.
The Levi Strauss-based apparel maker advanced 1.3% in premarket trading after TD Coin initiated coverage on the stock with an outperform rating. Levi’s is in the “early innings of a favorable denim cycle,” T.D. Quinn said.
Costco – Shares of the club retailer fell more than 1% even though Costco’s fourth-quarter financial response was better than expected. The company generated earnings of $4.86 per share on revenue of $78.9 billion. Analysts surveyed by LSEG were looking for $4.79 per share on revenue of $77.9 billion. However, comparable sales rose only 0.2% in the US.
ChargePoint – The electric vehicle charging stock rose more than 4% after UBS initiated coverage of ChargePoint with a buy rating, saying the stock’s recent performance creates an attractive risk reward.
XPO – Shares of the trucking company rose nearly 2% after an upgrade to outperform Evercore ISI. Analyst Jonathan Chappell expects greater margin expansion and pricing power from the company.
Lucid, Rivian — Shares of electric vehicle makers rose 2.1% and 2%, respectively. Both stocks rose the day before as the United Auto Workers strike deepened and received support from President Joe Biden, who joined a picket line in Michigan.
Mattel – Shares of the toy maker rose 2.4% in premarket trading Wednesday after Morgan Stanley started Mattel with an overweight rating, calling it a top pick. Mattel delivers some of the best risk-adjusted returns despite the challenging macroeconomic environment, the company said.
— CNBC’s Alex Haring, Jesse Pound, Samantha Sobin and Piya Singh contributed reporting.
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