Stock Market

In this article has become the latest Chinese tech giant to announced plans for a ChatGPT-style product, joining the hype around the chatbot technology.
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Check out the companies making headlines in premarket trading.

News Corporation — Shares gained 4% after the media company reported an earnings and revenue beat. News Corp posted 9 cents earnings per share and $2.45 billion in revenue for the third fiscal quarter. Analysts polled by StreetAccount had estimated earnings of 5 cents per share and $2.38 billion in revenue. The company announced cost-cutting measures, which include laying off 5% of its workforce, are expected to result in $160 million in annualized savings by the end of 2023. 

Tesla — Elon Musk’s electric vehicle company gained 2.3% in premarket trading. Musk said Thursday he has pegged a new chief executive for Twitter set to start in about six weeks. Musk has received criticism in the past from Tesla investors who think that simultaneously serving as chief executive at two companies is a distraction away from the EV giant. — The Chinese e-commerce company’s U.S.-listed shares lost 1.4% Friday during premarket trading. The company’s earnings and revenue came above analysts’ estimates, according to Refinitv data. Meanwhile, it announced its current CEO Xu Lei, who has been the leader of the company for about one year, would step down in June. 

Fox —The media stock dipped 2.4% after Wells Fargo downgraded shares to equal weight from overweight, citing challenges related to demand for linear TV and the costs for sports rights. On Tuesday, the company reported a net loss for the third fiscal quarter due to costs related to Fox News’ settlement with Dominion Voting Systems. 

PacWest — Shares gained 2.4% in the premarket after tumbling 22.7% in the previous session on deposit outflows. Other regional banks followed suit, with Western Alliance up about 2% and Comerica up 1%.

Barclays — The British bank’s stock rose 0.5% following an upgrade from RBC Capital Markets. RBC said Barclays is currently trading at a “good entry point,” creating a promising opportunity for investors. U.S.-listed shares of the bank have shed about 1.5% in 2023. 

First Solar — Shares of the clean energy company climbed 5% in premarket trading after First Solar announced an acquisition of Evolar AB for up to $80 million. Evolar is a European company that develops thin film used in solar panels.

Pearson — Shares of the education company rose 1.1% Friday before the bell. Morgan Stanley upgraded Pearson shares to overweight from equal weight, citing potential value-creation from generative AI. Shares have declined 10.2% year to date.

— CNBC’s Yun Li, Alexander Harring, Jesse Pound, Brian Evans and Michelle Fox contributed reporting

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