People walk past GM vehicles on display at the General Motors world headquarters building at Detroit’s Renaissance Center.
Paul Hennessy | SOPA Images | LightRocket | Getty Images
Take a look at some of the biggest movers in the premarket:
Levi Strauss (LEVI) — The denim maker added about 3% after reporting quarterly earnings Thursday night that crushed Wall Street expectations. Levi reported adjusted earnings of 23 cents per share, on revenue of $1.28 billion. That beat analyst expectations of 9 cents per share on revenue of $1.21 billion, according to Refinitiv.
General Motors (GM) — The automaker’s stock rose more than 3% in premarket trading, after Wedbush rated it as an outperform and said its stock could jump more than 50%. As the company proves out its vision for electric vehicles in the coming years “the stock will be re-rated more as a disruptive technology and EV play, rather than its traditional auto valuation,” the Wedbush analyst said.
Bank of America (BAC), Citigroup (C) — Bank stocks traded higher as bond yields bounced back up Friday morning, easing concerns about a global economic slowdown that were heightened when yields fell Thursday. Bank of America and Citigroup shares are higher by about 1.6%. JPMorgan and Wells Fargo are trading about 1% higher. The sector’s profitability is closely linked to the level of rates and generally increases as long-term rates rise.
Delta (DAL), United (UAL), American (AAL) Airlines — Airline stocks are moving higher after dipping on Thursday amid concern about the global economic recovery from the pandemic. American Airlines is trading almost 2% higher, and Delta and United shares rose 1.2%.
Norwegian Cruise Line (NCLH), Carnival (CC