Stocks making the biggest premarket moves: Wells Fargo, JPMorgan, Tesla, Carvana and more
Have a look at the corporate heavyweights making the most significant shifts in premarket trading:
— The bank’s shares took a 6% hit after it disclosed a net interest income of $11.92 billion for Q2, which marks a 9% downfall from the previous year. The numbers failed to meet the $12.12 billion expectation set by FactSet analysts. Wells Fargo also confirmed their annual projection of a 7% to 9% decrease in net interest income.
— Despite posting a Q2 revenue beat, the bank’s shares retracted by 1.6%. Quarterly revenue stood at $50.99 billion, outshining the $49.87 billion forecast by LSEG analysts. The earnings per share stood at $4.40, which may not tally with the predicted $4.19. The shares have already seen nearly 22% growth this year.
— The automaker’s shares dipped 1.2%, extending the 8.4% fall from the previous session. UBS downgraded the stock to sell from neutral on Friday, following news about the postponement of Tesla’s robotaxi event from August to October. According to Bloomberg News, the delay aims to grant the teams a longer timeframe to develop prototypes.
— Shares of the telecom giant stumbled by over 2% following the revelation that customer data was illicitly downloaded from a third-party platform. The downloaded data comprises nearly all customer call and text records over a six-month stretch in 2022.
— The used car retailer’s shares jumped up 1.3% after BTIG started covering the stock with a buy rating. The firm holds a view that Carvana has an unmatched standing in the industry and highlighted that investors must not miss this potential investment opportunity.
— The industrial company’s stock rose by 2.2% post reporting Q2 revenue of $1.92 billion, surpassing the consensus estimate of $1.91 billion by FactSet. The per-share earnings stood as per the expectations at 51 cents.
