Stocks making the biggest moves premarket: Morgan Stanley, UnitedHealth, Bank of America and more
Here are the leading corporations making waves prior to market opening.
— Despite strong Q2 results surpassing Wall Street predictions, premarket trading saw the bank’s shares slip by over 2%. The bank reported a 41% surge in profits from the same period the previous year, driven largely by trading and investment banking activities. It also recorded a 12% increase in revenue to $15.02 billion. However, lighter than expected revenue from the wealth management branch, due to decreased net interest income, was also reported.
— The bank’s shares rose nearly 1% following the release of its Q2 financial results, which exceeded expectations. Earnings stood at 83 cents a share, outperforming analysts’ expectations of 80 cents, and revenue was $25.54 billion, surpassing the $25.22 billion projected.
— The health insurance giant’s shares saw a minor increase after second-quarter results surpassed expectations. The company reported earnings of $6.80 per share on revenue of $98.86 billion, ahead of analysts’ expectations.
— The e-commerce company’s shares surged over 3% following an upgrade to buy from neutral by Bank of America. The upgrade was based on revenue growth and an impressive margin expansion.
— The company’s shares experienced a 7% boost following news of activist investor Starboard Value acquiring a stake of around 6.5% in the company. Starboard is urging the online dating company to enhance its growth and profitability or consider going private.
— The shares remained unchanged as the regional bank reported Q2 revenue of $5.41 billion, in line with the LSEG consensus estimate.
— The social media giant’s shares fell 3.4% after a downgrade to hold from buy by Loop Capital, citing more risks than potential advantages.
— Jefferies’ upgrade of the software engineering services company to buy from hold saw the shares tick slightly higher. The firm pointed to a valuation and earnings trough and an overlooked AI opportunity in its decision.
— Shares in the discount retailer slipped over 1% following a downgrade to neutral from overweight at Piper Sandler. The firm suggested that proposals from both the Joe Biden and Donald Trump campaigns could be detrimental to Dollar Tree.
— After releasing its Q2 results, the company’s shares fell more than 3%. Adjusted earnings of 73 cents per share and revenue of $4.69 billion narrowly surpassed analysts’ estimates. However, net interest margin fell short of expectations.
