At the General Motors world headquarters building in Detroit’s Renaissance Center, people stroll past GM automobiles on exhibit. SOPA Images | LightRocket | Getty Images | Paul Hennessy Take a look at some of the biggest premarket movers: Levi Strauss (LEVI) is a brand of clothing designed by Levi Strauss. After posting quarterly earnings Thursday night that exceeded Wall Street estimates, the jeans producer gained roughly 3%. On $1.28 billion in revenue, Levi reported adjusted earnings of 23 cents per share. According to Refinitiv, this topped analyst forecasts of 9 cents per share on $1.21 billion in revenue. General Motors (GM) — The automaker’s stock jumped more than 3% in premarket trade after Wedbush upgraded it to outperform and predicted a 50 percent gain. “The stock will be re-rated more as a disruptive technology and EV bet, rather than its typical car value,” the Wedbush analyst added, as the firm proves out its vision for electric vehicles in the coming years. Bank of America (BAC), Citigroup (C) — Bank stocks rose Friday morning as bond yields rose, calming fears of a global economic slowdown that had been heightened when yields fell Thursday. Shares of Bank of America and Citigroup are up approximately 1.6 percent. JPMorgan Chase and Wells Fargo are both up roughly 1%. The profitability of the sector is tightly tied to interest rate levels, and it normally rises when long-term rates rise. Airlines stocks such as Delta (DAL), United (UAL), and American (AAL) are rising after falling on Thursday amid concerns about the global economy’s recovery from the pandemic. The stock of American Airlines is up over 2%, while Delta and United are up 1.2 percent. Carnival (CCL) and Norwegian Cruise Line (NCLH) — Cruise lines have also recovered after falling on Thursday due to concerns about the economy faltering. In premarket trading, Norwegian Cruise Lines jumped 2.2 percent, while Carnival Cruise Lines rose 2.5 percent. Tencent Music Entertainment (TME) and Didi Global (DIDI) — The stock market in the United States came back following a significant drop earlier in the week, triggered by the Chinese government’s crackdown on stocks traded on American exchanges. Didi shares are up 3.4 percent in premarket trade, and Tencent Music is up 2.4 percent, while Pinduoduo, an ecommerce site, is up more than 3%, and Baidu, the search behemoth, is up 2.3 percent. Alibaba, the Chinese e-commerce powerhouse, is also up 1.5 percent. CNBC Pro can help you become a better investor. Get stock recommendations, analyst calls, exclusive interviews, and CNBC TV access. To begin your free trial, fill out the form below./n
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