Prism Stocks making the biggest moves before the bell: JPMorgan, BlackRock, Globe Life and more
Here’s a look at the corporate players creating buzz in premarket trading:
— Despite surpassing income forecasts and registering lower credit costs than forecasted, the bank’s shares fell by 2.4%. The underperformance was linked to the bank’s net interest income, a crucial benchmark for earnings from lending activities, which might fall short of analysts’ projections for 2024. CEO Jamie Dimon highlighted the ongoing inflationary pressures impacting the economy.
— Following its first-quarter earnings report, Wells Fargo shares swung, recently climbing less than 1%. Despite beating analysts’ forecasts for both revenue and profits, the bank reported a drop in net interest income.
— The bank saw its shares surge over 2% after posting $21.1 billion in revenue, overshooting analysts’ $20.4 billion expectation, as cited by LSEG.
— Following a better-than-anticipated quarterly report, the investment manager’s shares rose 2%. Blackrock posted $4.73 billion in revenue and $9.81 earnings per share, excluding items, surpassing LSEG analysts’ $4.68 billion and $9.35 predictions.
— The insurance company bounced back, rising about 9% in Friday’s extended trading session, after a more than 50% plunge in the previous session. Last session’s decline was triggered by allegations of insurance fraud from short-seller Fuzzy Panda Research, who revealed a short position on the stock.
— Following a proposal to reduce its board size from 11 to seven directors, shares stumbled by roughly 1%. This news emerges amidst speculations of merger discussions between Paramount and Skydance.
— An upgrade to ‘outperform’ from ‘peer perform’ by Wolfe Research drove the shares up by 2%. The firm believes the autonomous vehicle technology company has most of its downside risk in the rearview after a steep fall to start the year.
— Raymond James’ upgrade from ‘market perform’ to ‘outperform’ propelled Gitlab shares 2.5% higher. The firm projects robust growth and improving profits for the software company.
— The agriculture chemical company’s shares slid by 2.6% following a downgrade to ‘neutral’ from ‘overweight’ by JPMorgan. The bank sees the company’s stock as not attractive ahead of its first-quarter earnings.
— Citi initiated coverage of the networking systems company with a ‘sell’ rating, causing a 1.3% dip in shares. The firm maintains that the AI opportunities for the company are further out than market expectations, with its $44 price target indicating about 7% downside from Thursday’s closing price of $47.10.
