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.
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.
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.
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