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 — Shares of the club retailer fell more than 1% even though Costco’s fiscal fourth-quarter response came in better than expected. The company generated $4.86 in earnings per share on $78.9 billion of revenue. Analysts surveyed by LSEG, formerly known as Twitter, were looking 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 popped more than 4% after UBS initiated coverage of ChargePoint with a buy rating, saying that the recent stock performance creates an attractive risk/reward.
XPO — The trucking company climbed about 2% following an upgrade to outperform from Evercore ISI. Analyst Jonathan Chappell forecast greater margin expansion and pricing power from the company.
Lucid, Rivian — Shares of the EV makers ticked up 2.1% and 2%, respectively. Both stocks rose a day earlier as the United Auto Workers strike deepened and garnered support from President Joe Biden, who joined a picket line in Michigan.
Mattel — Shares of the toymaker gained 2.4% in premarket trading Wednesday after Morgan Stanley initiated Mattel with an overweight rating, calling it a top pick. The firm said Mattel offers some of the best risk-adjusted returns despite a tough macroeconomic environment.
— CNBC’s Alex Harring, Jesse Pound, Samantha Subin and Pia Singh contributed reporting.