Today's Pre-Market Stock Movers: JPM, WFC, BA, LCID and More
Gapping up
$Jpmorgan Chase & Co(JPM-C.US)$ +5% (The banking behemoth posted record revenue that surpassed analyst expectations due to higher interest rates. JPMorgan Chase reported revenue of $39.34 billion, beating the $36.19 billion estimates for analyst polled by Refinitiv.)
$Wells Fargo & Co(WFC.US$ +3.1% (The bank beat Wall Street expectations when reporting earnings. Earnings per share came in at $1.23, 10 cents higher than analysts polled by Refinitiv anticipated. The company reported revenue at $20.73 billion, which is higher than the $20.08 expected by Wall Street.)
$Blackrock(BLK.US$+1.6% (The investment management company reported first-quarter earnings. BlackRock reported $7.93 in adjusted earnings per share, higher than the estimate of $7.76 from analysts polled by Refinitiv. Revenue was in line with expectations at $4.24 billion.)
$PNC Financial Services(PNC.US$ +1.3% (The bank reported first-quarter earnings. PNC reported $3.98 in earnings per share, beating the $3.67 expected by analysts. The bank said revenue came in at $5.60 billion, slightly below expectations of $5.61 billion. PNC also reported a slight increase in deposits, while noting its provision for credit losses was down from the previous quarter.)
$Citigroup(C.US$ +2.5% (The bank's revenue for the first quarter topped expectations.)
$Express(EXPR.US$ +18% (The apparel brand, along with WHP Global, would buy e-commerce apparel company Bonobos from $Walmart(WMT.US$.)
$Hello Group(MOMO.US$ +5.2% (JPMorgan upgraded shares to overweight from neutral. JPMorgan said Hello Group was a preferred stock within the live streaming space.)
$Carisma Therapeutics(CARM.US$ +3.2% (Baird initiated coverage of the stock with an outperform rating. The firm said it was optimistic ahead of new data expected to be released later this year.)
$VF Corp(VFC.US$ +5% (Goldman Sachs upgraded the shares citing the company's latest strategic moves as potential boosts to the stock. Thanks to VF's strong management strategy and new products, the stock can jump more than 20%, Goldman said.)
$UnitedHealth(UNH.US$ +0.11% (UnitedHealth shares rose slightly after the health insurance provider beat Wall Street's estimates on the top and bottom lines and lifted its profit outlook for 2023. The company reported adjusted earnings of $6.26 per share on revenue of $91.93 billion. Analysts had anticipated per-share earnings of $6.13 on revenue of $89.78 billion, according to Refinitiv.)
Gapping down
$Boeing(BA.US$ -5.9% (Boeing warned it will likely have to reduce deliveries of its 737 Max plane due to an issue with a part made by a supplier, $Spirit Aerosystems(SPR.US$ . Shares of Spirit AeroSystems tumbled 14%.)
$Lucid Group(LCID.US$ -6.6% (The luxury electric vehicle maker reported that it delivered fewer of its Air sedans to customers than it produced in the first quarter, which can be seen as a sign of weak demand. The company's delivery figure also missed analyst expectations.)
$Rivian Automotive(RIVN.US$ -2.5% (The company receied a downgrade to neutral from overweight by Piper Sandler. The firm said the company will need to address funding headwinds to compete with Tesla.)
Source: Dow Jones, CNBC
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RDK79 : Part of the reason is they give almost 0% interest on checking and savings while many others, like Bask Bank, are giving 4+%. JPM is probably putting assets there so they can make the profit.
RDK79 : Endless fear of this huge recession is hitting the banks hard.