Levi Strauss, Costco, Charge Point, Mattel and more

Check out which companies are making headlines in pre-market trading.

Sirius XM — Shares of the media company fell nearly 2% in premarket trading. A day earlier, Liberty Media proposed merging its Sirius XM tracking stock with the radio company. A special committee made up of Sirius XM board members is currently studying the proposal.

The Levi Strauss-based apparel maker advanced 1.3% in premarket trading after TD Coin initiated coverage on the stock with an outperform rating. Levi’s is in the “early innings of a favorable denim cycle,” T.D. Quinn said.

Costco – Shares of the club retailer fell more than 1% even though Costco’s fourth-quarter financial response was better than expected. The company generated earnings of $4.86 per share on revenue of $78.9 billion. Analysts surveyed by LSEG were looking for $4.79 per share on revenue of $77.9 billion. However, comparable sales rose only 0.2% in the US.

ChargePoint – The electric vehicle charging stock rose more than 4% after UBS initiated coverage of ChargePoint with a buy rating, saying the stock’s recent performance creates an attractive risk reward.

XPO – Shares of the trucking company rose nearly 2% after an upgrade to outperform Evercore ISI. Analyst Jonathan Chappell expects greater margin expansion and pricing power from the company.

Lucid, Rivian — Shares of electric vehicle makers rose 2.1% and 2%, respectively. Both stocks rose the day before as the United Auto Workers strike deepened and received support from President Joe Biden, who joined the picket line in Michigan.

Mattel – Shares of the toy maker rose 2.4% in premarket trading Wednesday after Morgan Stanley started Mattel with an overweight rating, calling it a top pick. Mattel delivers some of the best risk-adjusted returns despite the challenging macroeconomic environment, the company said.

— CNBC’s Alex Haring, Jesse Pound, Samantha Sobin and Piya Singh contributed reporting.