FedEx shares advanced 11.7% after the company’s fiscal third-quarter earnings topped analysts’ estimates. FedEx reported adjusted earnings of $3.42 per share. The company also raised its full-year revenue guidance.
In premarket trading, US-listed shares of Swiss bank Credit Suisse fell 4.2%. Credit Suisse shares had a volatile week after its biggest investor announced it would not help the bank with additional financing. Stocks experienced a temporary rise following Credit Suisse’s announcement that they would take on up to $50 billion in debt from the Swiss National Bank. The stock is down almost 29.5% so far this year.
Nvidia chip shares rose more than 2.4% after Morgan Stanley upgraded them to overweight. The Wall Street firm attributed the continued volatility to increasing advances in artificial intelligence.
First Republican Bank shares were down 13.4% during premarket trading. Stocks advanced nearly 10% Thursday as 11 banks, including Bank of America and Goldman Sachs, agreed to inject $30 billion into the First Republic.
Shares of Bumble advanced 1% before the bell after Citi downgraded the dating app maker’s buy rating and said shares could rise more than 20.5% as it captures market share by complete.
Asia-Pacific markets were higher on Friday
The Shenzhen Composite Index in mainland China closed up 0.37% at 11,278.05. By comparison, the Shanghai Composite rose 0.74% to close at 3,250.55 following news of Chinese President Xi Jinping’s upcoming visit to Russia next week.
Hong Kong’s Hang Seng Index advanced 1.82% in the last hour of trading, leading the region, while the Hang Seng Tech Index advanced 4.58%. Shares of search engine company Baidu rose 16%.
South Korea’s Kospi also advanced 0.76% to end the day at 2,395.78, while the Kosdaq posted a larger gain of 1.98% to end at 797.38.
Japanese markets were higher, with the Nikkei 225 advancing 1.3% to close at 27,333.78, while the Topix gained 1.16% to close at 2,392.62.
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