People walk past GM vehicles on display at General Motors’ headquarters at Detroit’s Renaissance Center.
Paul Hennessy | SOPA images | LightRocket | Getty Images
Look at some of the biggest movers in the consumer market:
Levi Strauss (LEVI) – The denim manufacturer added approx. 3% after reporting quarterly earnings Thursday night that shattered Wall Street expectations. Levi reported adjusted earnings of 23 cents per share. Share at a turnover of $ 1
General Motors (GM) – The automaker’s stock rose more than 3% in pre-market trading after Wedbush rated it a better result, saying its stock could jump more than 50%. As the company demonstrates its vision for electric vehicles in the coming years, “the stock will be rated more as a disruptive technology and EV game, rather than its traditional auto rating,” the Wedbush analyst said.
Bank of America (BAC), Citigroup (C) – Bank stocks traded higher as bond yields rose again on Friday morning, reducing concerns about a global economic downturn that intensified as interest rates fell on Thursday. Bank of America and Citigroup shares are higher by approx. 1.6%. JPMorgan and Wells Fargo are trading about 1% higher. The sector’s profitability is closely linked to the rate level and generally increases when long-term interest rates rise.
Delta (DAL), United (UAL), American (AAL) Airlines – Aviation stocks move higher after falling on Thursday amid concerns about the global economic recovery from the pandemic. American Airlines trades nearly 2% higher, and Delta and United shares rose 1.2%.
Norwegian Cruise Line (NCLH), Carnival (CCL) – Cruise lines also bounce back after slipping Thursday in response to concerns the economy is slowing. Norwegian Cruise added 2.2% in pre-market trading and Carnival rose 2.5%.
Didi Global (DIDI), Tencent Music Entertainment (TME) – US traded stocks of several Chinese companies jumped after their sharp drop earlier in the week, offset by the Chinese government’s breakdown of shares traded on US stock exchanges. Didi shares rose 3.4% in pre-market trading and Tencent Music rose 2.4%, while e-commerce platform Pinduoduo gained more than 3% and search giant Baidu gained 2.3%. The technology giant Alibaba has also risen by 1.5%.
Become a smarter investor CNBC Pro.
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.
Sign up to start one free trial today