A person walks into the headquarters of JPMorgan Chase in New York, June 30, 2022.
Andrew Kelly | Reuters
Check out the companies making the biggest moves in the premarket:
JPMorgan – Information was provided from the bank fourth quarter earnings and revenue Before the call, which beat Wall Street expectations. However, he said a mild recession was now the “central case”. JPMorgan was down about 3% in premarket trading.
Lockheed Martin – Goldman Sachs brought down the defense contractor to sell from neutral and cut the price target by $56 to $332. The Wall Street firm noted that the company is vulnerable to any changes in government budgets. Lockheed Martin lost more than 3% in premarket trading.
Virgin Galactic Holdings — rose nearly 16% after the space tourism company said it was on track for a commercial launch in the second quarter of 2023.
Wells Fargo — The bank lost nearly 4% after reporting decrease in profitsmeasured by the need for final settlement and stockpiling.
Delta Airlines – Airline reported fourth quarter profit and revenue before the call that beat expectations. Its adjusted earnings per share came in at $1.48, versus Refinitiv’s estimate of $1.33. Delta fell 4.5% in premarket trading.
American Airlines – One day after earning about 10% for the year profit beatthe airline was down about 2% in the premarket.
Tesla – The electric car maker lost about 6% in the market after the sale. It was brought down by the Guggenheim Sell from neutral due to concerns about Tesla’s Q4 estimates. Tesla too reduce prices Thursday night again in the US and Europe, according to listings on the company’s website. The stock lost 65% in 2022.
Bank of America – Bank informed Refinitiv’s earnings per share were 85 cents last quarter, above the 77 cents expected by analysts. Revenue also exceeded expectations. However, the bank’s net interest income fell slightly below expectations despite the rise in interest rates. Bank of America fell 2.8% in early trade.
Salesforce — The software company fell 1.4% in premarket trading after being downgraded from overweight to neutral by Atlantic Equities. The Wall Street firm cited execution concerns, management departures and slower-than-expected revenue growth.
Caterpillar – Bank of America Upgraded Caterpillar to buy from neutral, he said the company has an underrated roadmap that could lead to high performance. Caterpillar was relatively flat in the premarket.
Logitech International — The keyboard and mouse maker continued to slide in the premarket, down about 5%. The move comes a day after Logitech lost 16% after preliminary results reported lower sales and earnings. Deutsche Bank downgraded the stock friday
-CNBC’s Alex Harring, Yun Li and Michael Bloom contributed reporting.
