Shares of FedEx advanced 11.7% after the company’s fiscal third-quarter profit beat analysts’ estimates. FedEx said adjusted earnings of $3.42 per share. The company also raised its full-year revenue guidance.
In premarket trading, Credit Suisse Swiss bank’s US-traded shares decreased by 4.2%. Shares in Credit Suisse had a volatile week after its biggest investor announced it would not help the bank with additional financing. Shares experienced a temporary increase following Credit Suisse’s announcement that they would acquire up to $50 billion in debt from the Swiss National Bank. The stock has retreated nearly 29.5% year to date.
Nvidia chip stock rose more than 2.4% after being upgraded to overweight by Morgan Stanley. The Wall Street firm attributed the continued volatility to growing advances in artificial intelligence.
Shares of the First Republican Bank decreased by 13.4% during premarket trading. Shares advanced nearly 10% on Thursday as 11 banks, including Bank of America and Goldman Sachs, agreed to pump $30 billion into the First Republic.
Shares of Bumble advanced 1% before the bell after Citi cut the dating app maker a buy rating and said the stock could rise more than 20.5% as it fully captures market share.
The Shenzhen Composite Index in mainland China closed 0.37% higher at 11,278.05. In comparison, the Shanghai Composite saw an increase of 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 final hour of trade, leading the region, while the Hang Seng Tech advanced 4.58%. Shares of search engine company Baidu advanced by 16%.
South Korea’s Kospi also advanced 0.76% to end the day at 2,395.78, while the Kosdaq posted a bigger gain of 1.98% to end at 797.38.
Japanese markets were higher, with the Nikkei 225 advancing 1.3% to end at 27,333.78, while the Topix gained 1.16% to end at 2,392.62.
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