Shares of media company Sirius XM fell approximately 2% in premarket trading after Liberty Media proposed merging the Sirius XM tracking stock with the radio company. A special committee of board members from Sirius XM is currently reviewing the proposal. On the other hand, apparel maker Levi Strauss saw a 1.3% increase in premarket trading after TD Cowen initiated coverage of the stock with an outperform rating. TD Cowen stated that Levi’s is currently in the early stages of a promising denim cycle. Costco, the club retailer, experienced a decline of over 1% despite its better-than-expected fiscal fourth-quarter results. Though the company generated $4.86 in earnings per share on $78.9 billion of revenue, comparable sales in the U.S. only increased by 0.2%.
ChargePoint, an electric vehicle charging stock, saw a surge of more than 4% after UBS initiated coverage of the company with a buy rating. UBS believes that the recent performance of the stock presents an attractive risk-reward opportunity for investors. Trucking company XPO also experienced a 2% climb following an upgrade to outperform from Evercore ISI. Analyst Jonathan Chappell expects greater margin expansion and pricing power from the company. Electric vehicle makers Lucid and Rivian saw their shares rise by 2.1% and 2% respectively. This increase was partly driven by the United Auto Workers strike, which received support from President Joe Biden. Lastly, shares of toymaker Mattel gained 2.4% in premarket trading after Morgan Stanley initiated coverage of the stock with an overweight rating and referred to it as a top pick. Morgan Stanley highlighted Mattel’s strong risk-adjusted returns despite the challenging macroeconomic environment.