Stocks making the biggest moves premarket: Wells Fargo, JPMorgan, Tesla, Stellantis and more
Here’s a quick update on the companies making waves in premarket trading.
Wells Fargo, the San Francisco-based financial institution, saw its shares jump by 3% even with a reported drop in earnings and revenue for Q3 compared to last year, caused by a significant 11% decrease in net interest income. The earnings were pegged at $1.42 per share, potentially not aligning with the $1.28 cents estimate, based on a LSEG survey.
JPMorgan Chase’s shares leaped 2% post revealing Q3 results, which exceeded expectations. The earnings per share were $4.37, surpassing the projected $4.01, as per LSEG. With $43.32 billion in revenue, the bank also outdid the estimated $41.63 billion.
Tesla’s shares stumbled by 6.4% following its robot taxi event which did not live up to investor expectations. In contrast, riding high on a conclusion by the Bank of America, Uber’s shares soared by 4.9% easing worries of the past six months on its potential impact on the ride-sharing company’s stock.
BlackRock, the asset management giant, witnessed a 2% climb in shares, following a better-than-anticipated Q3 performance. BlackRock reported an unexpected $11.46 in adjusted earnings per share on revenue of $5.20 billion. They also reported a record of $11.5 trillion in assets.
Stellantis saw a slight dip of about 3% in its shares, following the announcement of significant management changes, including the replacement of the CFO. The succession plan for the CEO position was also confirmed by the company.
Affirm’s shares spiked by 3.1% as Wells Fargo upgraded the buy-now-pay-later company’s stock. Meanwhile, Flywire faced a slump of 2.7% after a downgrade in its stock by Wells Fargo.
Mobileye, the autonomous driving tech firm, saw its shares retract by 2.1% due to a rating downgrade to neutral by Mizuho, citing slowing auto sales and increased competition.
Shares of Atlassian barely budged, with a less than 1% increase even after being featured as a top stock pick by Morgan Stanley. Despite a 23% slump this year, Morgan Stanley anticipates the software company’s expanding product offerings will catalyze share growth.
Kinder Morgan’s shares hiked by 1.5% riding on the back of Bank of America’s upgrade to buy from neutral. The bank cited Kinder Morgan’s potential growth and benefits from AI.
Lastly, Ferrari saw its shares lift by 1.7% after an upgrade to overweight by JPMorgan, driven by optimism about the luxury auto brand’s EV development and handling of soft demand in China.
