Today's Pre-Market Stock Movers: TSLA, JPM, SPCE, DAL and More
Gapping up
$Virgin Galactic (SPCE.US)$ +16% (The company said it was on track for a commercial launch in the second quarter of 2023.)
$Caterpillar (CAT.US)$ +1.5% (Bank of America upgraded Caterpillar to buy from neutral, saying the company has an underappreciated roadmap that can drive outperformance. )
Gapping down
$JPMorgan (JPM.US)$ -3% (The bank reported fourth-quarter earnings and revenue before the bell that topped Wall Street expectations. However, it said a mild recession is now the "central case.")
$Lockheed Martin (LMT.US)$ -3% (Goldman Sachs downgraded the defense contractor to sell from neutral and cut its price target by $56 to $332. The Wall Street firm noted that the company is vulnerable to any changes in government budgets.)
$Wells Fargo & Co (WFC.US)$ -4% (The company reported shrinking profits, weighted down by a recent settlement and the need to build-up reserves.)
$Delta Air Lines (DAL.US)$ -4.5% (The airline reported fourth quarter profit and revenue before the bell that beat expectations. Its adjusted earnings per share came in at $1.48 versus a Refinitiv estimate of $1.33.)
$American Airlines (AAL.US)$ -2% (The company gained nearly 10% on an earnings beat)
$Tesla (TSLA.US)$ -6% (It was downgraded by Guggenheim to sell from neutral over concerns with Tesla’s fourth-quarter estimates. Tesla also cut prices in the U.S. and Europe again, according to listings on the company's website Thursday night. The stock lost 65% in 2022.)
$Bank of America (BAC.US)$ -2.8% (The bank reported earnings per share of 85 cents last quarter, above the 77 cents a share expected by analysts, per Refinitiv. Revenue also beat expectations. However the bank’s net interest income fell slightly below expectations despite jumping interest rates.)
$Salesforce (CRM.US)$ -1.4% (The company was downgraded by Atlantic Equities to neutral from overweight. The Wall Street firm cited execution concerns, management exodus and slower-than-expected revenue growth.)
$Logitech International (LOGI.US)$ -5% (The keyboard and mouse maker continued to slide in the premarket, down nearly 5%. The move comes a day after Logitech lost 16% on the announcement that preliminary results showed declining sales and earnings. Deutsche Bank downgraded the shares Friday.
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