Fushi Copperweld, Bank of America, Banco Santander, Caterpillar, Citigroup, Research In Motion, Nike and Infosys Ltd are among the companies whose shares are moving in pre-market trading Friday.
Fushi Copperweld, Inc. (FSIN) stock climbed 13.12 percent to $8.88 in pre-market trading. The company announced late Thursday that it had entered into an agreement and plan of merger with entities affiliated with its chairman and co-chief executive officer Li Fu and Abax Global Capital Ltd at a price of $9.50 per share.
Bank of America Corp. (BAC) stock surged 2.45 percent to $7.93 in pre-market trading. Banking shares rallied during Asia and European trade Friday after European Union leaders in Brussels agreed on important plans to tackle the region's debt crisis. The leaders agreed on releasing a 120 billion euro ($149 billion) package intended for rejuvenating the economic growth of the euro zone and agreed to take emergency action to bring down Spain's and Italy's ballooning borrowing costs.
Banco Santander S.A. (SAN) stock surged 2.44 percent to $6.30 in pre-market trading after EU leaders agreed to take emergency action against the Spain and Italy's ballooning borrowing costs.
Caterpillar Inc. (CAT) stock advanced 1.88 percent to $84.18 in pre-market trading. The stock has a 52-week low of $67.54, a 52-week high of $116.95 and $53.92 billion in market capitalization.
Citigroup Inc. (C) stock gained 1.55 percent to $26.80 in pre-market trading. The stock has a 52-week low of $21.40, a 52-week high of $43.06 and $77.38 billion in market capitalization.
Research In Motion Ltd (RIMM) stock slumped 15.66 percent to $7.70 in pre-market trading. The company swung to first quarter net loss of $518 million or US$0.99 per share compared to net income of $695 million or US$1.33 per share in the same period last year. Revenue plunged 43 percent to $2.8 billion and also fell short of analysts' estimation of $3.11 billion. The company also announced unprecedented job cuts totaling 5,000 by fiscal year 2013 as part of the restructuring plan which hopes to save $1bn from the balance sheet.
Nike, Inc. (NKE) stock slumped 12.53 percent to $84.75 in post-market trading as its fourth quarter earnings fell short of expectations. Its fourth quarter net profit declined to $549 million or $1.17 per share from $594 million or $1.24 per share in the same period last year. Quarterly revenues rose to $6.47 billion from $5.77 billion last year but fell short of Reuters' estimation of $6.51 billion.
Infosys Ltd (INFY) stock slumped 8.90 percent to $39.00 in pre-market trading. The stock has a 52-week low of $41.40, a 52-week high of $68.52 and $24.46 billion in market capitalization.