Stocks Making The Biggest Premarket Moves: Tesla, Jd.Com, Fox & More

News Corporation: Shares of the media company rose by 4% following its report of better-than-expected earnings and revenue for the third fiscal quarter. News Corp posted earnings per share of 9 cents and revenue of $2.45 billion, surpassing analysts' estimates of 5 cents per share and $2.38 billion in revenue. The company also announced cost-cutting measures, including a 5% workforce reduction, expected to result in $160 million in annualized savings by the end of 2023.

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Tesla: The electric vehicle company, led by Elon Musk, experienced a 2.3% increase in premarket trading. Musk revealed on Thursday that he has identified a new chief executive for Twitter, set to assume the role in approximately six weeks. Musk has faced criticism from Tesla investors who believe that serving as CEO of two companies simultaneously is a distraction from the electric vehicle giant.

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JD.com: During premarket trading, U.S.-listed shares of the Chinese e-commerce company declined by 1.4%. However, the company's earnings and revenue exceeded analysts' estimates, according to Refinitiv data. In addition, JD.com announced that its current CEO, Xu Lei, who has been leading the company for about a year, will step down in June.

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Fox: The media stock dropped by 2.4% after Wells Fargo downgraded its shares from overweight to equal weight. The downgrade was attributed to challenges related to the demand for linear TV and the costs associated with sports rights. Earlier in the week, Fox reported a net loss for the third fiscal quarter due to expenses related to Fox News' settlement with Dominion Voting Systems.

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PacWest: After experiencing a 22.7% decline in the previous session due to deposit outflows, shares of PacWest gained 2.4% in premarket trading. Other regional banks, such as Western Alliance and Comerica, also saw increases, with Western Alliance rising approximately 2% and Comerica rising 1%.

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Barclays: The British bank's stock increased by 0.5% following an upgrade from RBC Capital Markets. RBC stated that Barclays is currently trading at an attractive entry point, presenting a promising opportunity for investors. U.S.-listed shares of the bank have declined by about 1.5% in 2023.

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First Solar: Shares of the clean energy company rose by 5% in premarket trading after First Solar announced its acquisition of Evolar AB for up to $80 million. Evolar is a European company specializing in the development of thin film used in solar panels.

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Pearson: Before the opening bell, shares of the education company increased by 1.1%. Morgan Stanley upgraded Pearson shares from equal weight to overweight, citing the potential value creation from generative AI. However, shares have declined by 10.2% year-to-date.

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