Stocks make the biggest moves premarket: United Airlines, Moderna, IBM and more

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A United Airlines plane taxies into Newark International Airport in Newark, New Jersey on January 11, 2023.

Kena Betancur | TBEN | Getty Images

Check out the companies making headlines in premarket trading.

United Airlines Shares of United Airlines rose 3.5% after the company reported quarterly earnings that beat Wall Street estimates for the fourth quarter, pointing to strong demand at higher prices. United posted adjusted earnings per share of $2.46 on revenues of $12.4 billion. Analysts expected adjusted earnings per share of $2.10 and $12.2 billion in revenue per Refinitiv.

Moderna – Moderna rose 7.5% after the pharmaceutical company said on Tuesday its RSV vaccine is 84% ​​effective in preventing disease in older adults. A clinical trial also showed no concerns about the safety of the vaccine, which uses the same messenger RNA technology as the Moderna Covid-19 injection.

IBM — IBM shares fell about 2% before the bell after Morgan Stanley downgraded the stock to an equal weight of an overweight rating, citing concerns about slowing revenue growth.

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JB Hunt Transport Services — Transportation stock lost more than 1% after fourth-quarter results fell short of analysts’ expectations. Analysts polled by StreetAccount had expected adjusted earnings of $2.44 per share on revenue of $3.81 billion. JB Hunt shared earnings of $1.92 and $3.65 billion in revenue.

PNC Financial — Shares of the medium-sized bank fell more than 4% premarket after PNC missed key Wall Street estimates. PNC reported $3.49 in adjusted earnings per share and $3.68 billion in net interest income for the fourth quarter. Analysts polled by StreetAccount had factored in $3.95 per share and $3.74 billion in net interest income. Net profit was down from the third quarter, partly due to a higher provision for loan losses.

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Interactive Brokers — The brokerage saw shares rise 2.5% after reporting strong financial results for its most recent quarter. Earnings were $1.30 per share, compared to estimates of $1.17 per share, according to StreetAccount. Adjusted net sales of $958 million also exceeded estimates of $924.2 million.

Levi Strauss — The apparel company fell 1.7% after being downgraded from buying to neutral by Bank of America. The Wall Street company said it sees a 20% downtrend in earnings per share estimates for the first half of the year and is not confident demand for denim will improve in the second half.

Oatly — Food stock rose 6.7% following an upgrade by analysts at Mizuho, ​​citing improved liquidity. After a difficult 2022, the company also said Oatly should benefit from resilient demand for plant-based drinks.

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Yeti — Yeti shares fell 1.7% after Cowen downgraded the cooler company to an outperform market performance, citing risks to consensus growth expectations.

Skechers — Shares fell 2.1% after Morgan Stanley downgraded Skechers from overweight to equal weight. The bank said shoe stocks are trading near the high end of their historical valuation range.

GoDaddy — GoDaddy’s stock gained about 4% after upgrading to outperform and line at Evercore ISI. Analysts said the company’s business model should hold up well even in a recession.

Correction: The story has been updated to reflect the PNC Financial’s missed estimates for adjusted earnings per share and net interest income. In a previous story, one of the stats being compared was misrepresented.

— TBEN’s Carmen Reinicke, Michelle TBEN, Jesse Pound and Tanaya Macheel contributed to the reporting

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