Check out the companies making headlines in premarket trading.
Sirius XM — Shares of the media company fell roughly 2% in premarket trading. A day earlier, Liberty Media proposed combining the Sirius XM tracking stock with the radio company. A special committee composed of board members of Sirius XM is currently considering the proposal.
Levi Strauss — The apparel maker advanced 1.3% in premarket trading after TD Cowen initiated coverage of the stock at an outperform rating. TD Cowen said Levi’s is in the “early innings of a favorable denim cycle.”
Costco — Despite the club retailer’s fiscal fourth-quarter performance coming in better than anticipated, shares of Costco dropped more than 1%. On $78.9 billion in revenue, the corporation earned $4.86 per share. Analysts surveyed by LSEG were aiming for $4.79 per share on $77.9 billion of revenue. Comparable sales were up just 0.2% in the U.S., however.
ChargePoint – The electric vehicle charging stock surged more than 4% after UBS started coverage of the company with a buy rating, citing the recent stock performance as creating an alluring risk-reward ratio.
XPO — Following an upgrade to outperform from Evercore ISI, the transportation company increased by around 2%. The company will likely have more price power and margin expansion, according to analyst Jonathan Chappell.
Mattel — Following Morgan Stanley’s introduction of Mattel with an overweight rating and designation as a top pick, the toymaker’s shares increased 2.4% in premarket trading on Wednesday. The company claimed that despite a challenging macroeconomic climate, Mattel offers some of the strongest risk-adjusted returns.
Rivian was lucid. Shares of the companies that produce electric cars increased 2.1% and 2%, respectively. The United Auto Workers strike intensified the day before, and President Joe Biden, who attended a picket line in Michigan, showed his support by increasing his support for the strike. Both stocks increased.