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Shipping giant FedEx raised its profit forecast for the fiscal year.
Justin Sullivan/Getty Images
Stock futures rose Friday as the biggest banks in the U.S. moved to rescue beleaguered First Republic Bank.
These stocks were poised to make moves Friday:
First Republic Bank
(FRC) was down 4.7% in premarket trading. The stock closed with a gain of nearly 10% on Thursday after a consortium of banks including
Bank of America
(BAC),
Citigroup
(C),
JPMorgan Chase
(JPM), and others agreed to make uninsured deposits totaling $30 billion in the beleaguered bank.
First Republic has seen its stock get walloped over the past week following the collapses of Silicon Valley Bank and Signature Bank. Wall Street had worried that San Francisco-based First Republic, with its large share of uninsured deposits, would be subjected to deposit flight like the bank run that caused Silicon Valley Bank to fail.
FedEx
(FDX) reported fiscal third-quarter earnings that easily topped analysts’ estimates and the stock jumped 11% in premarket trading. The shipping giant also raised its profit forecast for the fiscal year, saying it sees earnings of $13.80 to $14.40 a share before mark-to-market retirement plan accounting adjustments, compared with a prior forecast of $12.50 to $13.50 a share.
“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year,” said CEO Raj Subramaniam in a news release.
United States Steel
(X) was rising 4.8% in premarket trading after the steelmaker issued better-than-expected first-quarter guidance on improving demand. The company said it expects first-quarter adjusted earnings of 58 cents to 63 cents a share, well above Wall Street forecasts of 19 cents.
American depositary receipts of
Baidu
(BIDU), the Chinese search giant, rose 5.1% after it received a permit to provide a fully driverless robotaxi services in Beijing.
Chinese electric-vehicle maker
XPeng
(XPEV) is scheduled to report quarterly earnings before the stock market opens Friday. American depositary receipts of XPeng were up 2% in premarket trading.
Write to Joe Woelfel at joseph.woelfel@barrons.com
