Stocks Making the Biggest Premarket Moves: Levi Strauss, Costco, Chargepoint, Mattel and More

Check out the companies making headlines in premarket trading.

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Sirius XMShares of the media company experienced a decline of approximately 2% in premarket trading. This downturn follows a proposal from Liberty Media to merge the Sirius XM tracking stock with the radio company. Currently, a special committee comprising Sirius XM board members is actively assessing this proposal.

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Levi StraussThe apparel manufacturer saw a 1.3% increase in premarket trading, driven by TD Cowen's initiation of coverage with an outperform rating. TD Cowen expressed optimism about Levi's positioning, suggesting it is in the early stages of a favorable denim market cycle.

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CostcoDespite Costco's fiscal fourth-quarter results surpassing expectations, with earnings per share of $4.86 on revenue of $78.9 billion (compared to analysts' expectations of $4.79 per share on $77.9 billion revenue), shares of the club retailer fell by over 1%. Notably, comparable sales in the U.S. increased by a modest 0.2%.

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ChargePointThe electric vehicle charging company experienced a significant uptick of more than 4% after UBS initiated coverage of ChargePoint with a buy rating. UBS cited the recent stock performance as creating an appealing risk-reward proposition.

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XPOShares of the trucking company rose by approximately 2% following an upgrade from Evercore ISI, which raised its rating to outperform. Analyst Jonathan Chappell anticipates greater margin expansion and pricing power from the company.

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Lucid, RivianShares of both electric vehicle manufacturers increased by 2.1% and 2%, respectively. These gains come amid a deepening United Auto Workers strike, which garnered support from President Joe Biden, who recently joined a picket line in Michigan.

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MattelShares of the toymaker surged by 2.4% in premarket trading following Morgan Stanley's initiation of Mattel with an overweight rating, designating it as a top pick. The firm highlighted Mattel as offering some of the best risk-adjusted returns, even in a challenging macroeconomic environment.

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