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.

https://www.cnbc.com/2023/01/13/stocks-making-the-biggest-moves-in-the-premarket-jpmorgan-virgin-galactic-tesla-and-more.html JPMorgan, Virgin Galactic, Tesla and more

Sportsasff

Pechip.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@pechip.com. The content will be deleted within 24 hours.

Related Articles

Back to top button