Stocks make biggest moves premarket Levi Strauss Costco ChargePoint Mattel

Stocks make biggest moves premarket: Levi Strauss, Costco, ChargePoint, Mattel and more

The Levi Strauss & Co. label is seen on jeans in a store at the Woodbury Common Premium Outlets in Central Valley, New York, USA, February 15, 2022.

Andrew Kelly | Portal

Check out the companies making headlines in premarket trading.

Sirius XM – Shares of the media company fell about 2% in premarket trading. A day earlier, Liberty Media proposed combining tracking stock Sirius XM with the radio company. A special committee made up of Sirius XM board members is currently reviewing the proposal.

Levi Strauss – The apparel maker rose 1.3% in premarket trading after TD Cowen initiated coverage on the stock with an outperform rating. TD Cowen said Levi’s is in the “beginnings of a value denim cycle.”

Costco – Shares of the club retailer fell more than 1% despite Costco’s response to its fiscal fourth quarter being better than expected. The company reported earnings per share of $4.86 on revenue of $78.9 billion. Analysts polled by LSEG expected $4.79 per share on revenue of $77.9 billion. However, comparable sales in the US only rose 0.2%.

ChargePoint – The electric vehicle charging stock rose more than 4% after UBS initiated coverage of ChargePoint with a “buy” rating, saying recent stock performance creates an attractive risk-reward ratio.

XPO – The trucking company rose about 2% after upgrading Evercore ISI to Outperform. Analyst Jonathan Chappell predicted greater margin expansion and pricing power for the company.

Lucid, Rivian – Shares of the electric vehicle makers rose 2.1% and 2%, respectively. Both stocks rose a day earlier as the United Auto Workers strike intensified, drawing support from President Joe Biden, who joined a picket line in Michigan.

Mattel – Shares of the toy maker rose 2.4% in premarket trading on Wednesday after Morgan Stanley gave Mattel an overweight rating and called it a top pick. The company said Mattel offers some of the best risk-adjusted returns despite a difficult macroeconomic environment.

— CNBC’s Alex Harring, Jesse Pound, Samantha Subin and Pia Singh contributed reporting