Stock futures moved higher Friday as optimism was boosted by the announcement of a roughly $1 trillion bipartisan deal on infrastructure spending.
Here are some of the top movers during premarket trading on Friday:
1. Nike - Up 13%
Nike (NKE) - Get Report surged after the sportswear giant reported fiscal-fourth-quarter results that topped analyst estimates. The footwear segment reported an 89% year-over-year jump in revenue to $7.95 billion as sales continued to recover from the pandemic. Apparel revenue more than doubled to $3.44 billion.
2. Virgin Galactic - Up 18%
Virgin Galactic (SPCE) - Get Report rose after the Federal Aviation Administration updated the aerospace company's launch license to allow for passenger travel into space. The decision follows a May 22 test flight from the company's launch base in Spaceport America, N.M., when its VMS Eve and VSS Unity reached an altitude of 55.5 miles and a top speed of Mach 3.
3. FedEx - Down 4.2%
FedEx (FDX) - Get Report shares fell after the package-delivery giant reported fiscal-fourth-quarter earnings that beat analysts’ forecasts but said cost pressures related to higher prices for fuel and labor could weigh on future earnings. Revenue came in at $22.6 billion, up 30% from $17.4 billion a year earlier.
4. CarMax - Up 5.6%
Shares of CarMax (KMX) - Get Report climbed after the used-car retailer beat Wall Street's first-quarter-earnings expectations. The company posted net income of $436.8 million, or $2.63 a share, compared with $5 million, or 3 cents a share, a year earlier. Revenue rose to $7.7 billion from $3.23 billion. Analysts were calling for earnings of $1.63 a share and revenue of $6.18 billion.
5. Netflix - Up 1.5%
Netflix (NFLX) - Get Report advanced after Credit Suisse analyst Douglas Mitchelson upgraded the streaming giant to outperform from neutral with a $586 price target. The analyst said he expected subscriber growth in the fourth quarter and his U.S. consumer survey reinforced its "strong competitive position" and high user satisfaction, according to the Fly.