By Check out the companies making headlines in premarket trading.
JPMorgan Chase — The bank stock climbed 2.7% after reporting better-than-expected earnings due to higher interest rates and strong bond trading from the investment bank side. The company reported an adjusted $4.37 per share and $42.4 billion in revenue, while analysts polled by Refinitiv estimated $4 a share and $38.96 billion.
Wells Fargo — Shares climbed nearly 4% after an earnings beat due to a 29% increase in interest income. Wells reported an adjusted $1.25 per share and $20.53 billion in revenue, while analysts polled by Refinitiv forecasted $1.16 per share and $20.12 billion.
Citi — Citi stock added nearly 2% in premarket trading after beating on earnings. The firm reported an adjusted $1.33 per share and $19.44 billion in revenue. Analysts polled by Refinitiv forecasted $1.30 per share and $19.29 billion.
BlackRock — Shares slipped roughly 1% after quarterly results. The investment firm reported an adjusted $9.28 per share and $4.46 billion in revenue while analysts surveyed by Refinitiv expected $8.45 per share and $4.45 billion.
Coinbase — Stock in the cryptocurrency exchange pulled back 1.2% in premarket trading. Shares of Coinbase are coming off of a strong rally a day earlier thanks to a ruling in a case concerning the cryptocurrency XRP. A judge in New York’s Southern District said that the token may not classify as a security.
Plug Power — The battery stock added nearly 6% after an upgrade to outperform from Northland Capital Markets.
Microsoft — Microsoft gained 1.8% after UBS upgraded the tech stock to buy from neutral. The Wall Street firm said the recent weakness in the stock, which is a major artificial intelligence play, is an opportunity for investors. UBS also hiked the price target to $400, implying more than 16% upside. Microsoft is higher by 42% this year.
AT&T — Shares of the telecommunications giant slipped 1.3% after a downgrade to neutral from JPMorgan over increased competition in both its wireless and cable segments.
UnitedHealth Group — The healthcare stock climbed 3.4% after beating on earnings. The company reported an adjusted $6.14 per share and $92.9 billion in revenue while analysts polled by Refinitiv forecasted $5.99 and $91 billion.
Alcoa — Stock in the aluminum supplier fell 2.3% after a downgrade to neutral from JPMorgan over weaker near-term metal prices.
— CNBC’s Sarah Min contributed reporting
