JPMorgan, Virgin Galactic, Tesla and more

A person enters JPMorgan Chase’s headquarters in New York on June 30, 2022.

Andrew Kelly | Reuters

Check out the companies making the biggest moves in the pre-market:

JP Morgan — The bank reported fourth-quarter earnings and revenue ahead of the bell, which beat Wall Street expectations. However, a mild recession is now the “key case”. JPMorgan slipped nearly 3% in permarket trading.

Lockheed Martin – Goldman Sachs downgraded the defense manufacturer to sell from neutral and lowered its price target by $56 to $332. The Wall Street firm noted that the company is vulnerable to changes in government budgets. Lockheed Martin tumbled more than 3% in premarket trading.

Virgin Galactic Holdings – The space tourism company rose nearly 16% after saying it was on track for a commercial launch in the second quarter of 2023.

Wells Fargo — The bank slipped nearly 4% after reporting shrinking profits weighed down by a recent settlement and the need to build reserves.

Delta Airlines – The airline reported fourth-quarter earnings and revenue before the bell that beat expectations. Adjusted earnings per share were $1.48 versus a Refinitiv estimate of $1.33. Delta is down 4.5% in premarket trading.

American Airlines — A day after the airline gained nearly 10%, the carrier was down about 2% in the pre-market.

Tesla — The electric-vehicle maker slipped nearly 6% in the premarket after being downgraded from neutral to sell by Guggenheim over concerns about Tesla’s fourth-quarter estimates. Tesla also cut prices again in the US and Europe Thursday night, according to listings on the company’s website. The stock lost 65% in 2022.

Bank of America – The bank reported earnings per share of 85 cents last quarter, up from the 77 cents a share analysts were expecting, per Refinitiv. Revenue also exceeded expectations. However, despite rising interest rates, the bank’s net interest income fell slightly short of expectations. Bank of America lost 2.8% in early trade.

Foreclosure — The software company slipped 1.4% premarket after being downgraded to neutral from overweight by Atlantic Equities. The Wall Street firm cited concerns about execution, management attrition and slower-than-expected revenue growth.

Caterpillar – Bank of America gave Caterpillar a neutral rating and said the company has an underappreciated roadmap that could encourage outperformance. Caterpillar was relatively flat in the pre-market.

Logitech International — The keyboard and mouse maker continued to slide in the premarket market, down nearly 5%. The move comes a day after Logitech lost 16% on news that preliminary results showed declining sales and profits. Deutsche Bank downgraded the stock on Friday.

– CNBC’s Alex Harring, Yun Li and Michael Bloom contributed coverage. JPMorgan, Virgin Galactic, Tesla and more

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