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Shipping giant FedEx raised its profit forecast for the fiscal year.
Justin Sullivan/Getty Images
Share futures edged higher on Friday as America’s biggest bank moved to rescue the beleaguered First Republic Bank.
These stocks looked set to make moves on Friday:
First Republic Bank
(FRC) was down 4.7% in premarket trading. The stock closed up nearly 10% on Thursday after a consortium of banks including
Bank of America
(BAC),
City Group
(C),
JPMorgan Chase
(JPM), and others agreed to deposit uninsured deposits totaling $30 billion at the troubled bank.
First Republic has seen its shares fall heavily over the past week after the collapses of Silicon Valley Bank and Signature Bank. Wall Street worried that San Francisco-based First Republic, with its large portion of uninsured deposits, would be subject to a deposit flight similar to 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 per share before mark-to-market retirement plan accounting adjustments, compared with prior forecasts of $12.50 to $13.50 per share. Compared to.
“We continue to drive aggressively to improve efficiencies, and our cost actions are taking hold, driving an improved outlook for the current fiscal year,” CEO Raj Subramaniam said in a news release.
United States Steel
(X) was rising 4.8% in premarket trading after the steelmaker issued better-than-expected guidance for the first quarter on improving demand. The company said it expects first-quarter adjusted earnings of 58 cents to 63 cents per share, well above Wall Street’s forecast of 19 cents.
American Depositary Receipts of
baidu
(BIDU), the Chinese search giant, soared 5.1% after securing a permit to provide fully driverless robotaxi services in Beijing.
Chinese Electric Vehicle Manufacturers
XPeng
(XPEV) is scheduled to report quarterly earnings before the stock market opens on Friday. XPeng’s American Depository Receipts were up 2% in premarket trading.
Write to Joe Woelfel at [email protected]