Check out the companies making headlines in premarket trading.
JPMorgan Chase – The banking behemoth popped more than 5% after posting record revenue that surpassed analyst expectations due to higher interest rates. JPMorgan Chase reported revenue of $39.34 billion, beating the $36.19 billion estimates for analyst polled by Refinitiv.
Wells Fargo — The bank added 3.1% after beating Wall Street expectations when reporting earnings. Earnings per share came in at $1.23, 10 cents higher than analysts polled by Refinitiv anticipated. The company reported revenue at $20.73 billion, which is higher than the $20.08 expected by Wall Street.
BlackRock — The investment management company added 1.6% after reporting first-quarter earnings. BlackRock reported $7.93 in adjusted earnings per share, higher than the estimate of $7.76 from analysts polled by Refinitiv. Revenue was in line with expectations at $4.24 billion.
PNC — Shares rose 1.3% after the bank reported first-quarter earnings. PNC reported $3.98 in earnings per share, beating the $3.67 expected by analysts. The bank said revenue came in at $5.60 billion, slightly below expectations of $5.61 billion. PNC also reported a slight increase in deposits, while noting its provision for credit losses was down from the previous quarter.
Lucid — The luxury electric vehicle maker dropped 6.6% after reporting that it delivered fewer of its Air sedans to customers than it produced in the first quarter, which can be seen as a sign of weak demand. The company’s delivery figure also missed analyst expectations.
Rivian — Shares fell 2.5% following a downgrade to neutral from overweight by Piper Sandler. The firm said the company will need to address funding headwinds to compete with Tesla. Tesla shares were down 1% in the premarket.
UnitedHealth – UnitedHealth shares rose slightly after the health insurance provider beat Wall Street’s estimates on the top and bottom lines and lifted its profit outlook for 2023. The company reported adjusted earnings of $6.26 per share on revenue of $91.93 billion. Analysts had anticipated per-share earnings of $6.13 on revenue of $89.78 billion, according to Refinitiv.
Boeing — Shares fell 5.9% in the premarket after Boeing warned it will likely have to reduce deliveries of its 737 Max plane due to an issue with a part made by a supplier, Spirit AeroSystems. Shares of Spirit AeroSystems tumbled 14%.
Amazon — Shares fell slightly as investors continued parsing CEO Andy Jassy’s annual shareholder letter. Bank of America and UBS both said they would keep their buy ratings on the stock following the letter’s release.
Hello Group — The Chinese entertainment company jumped 5.2% after JPMorgan upgraded shares to overweight from neutral. JPMorgan said Hello Group was a preferred stock within the live streaming space.
Carisma Therapeutics — The clinical-stage, biopharmaceutical company advanced 3.2% after Baird initiated coverage of the stock with an outperform rating. The firm said it was optimistic ahead of new data expected to be released later this year.
LiveOne — Shares gained 2.1% after Roth MKM initiated coverage of the audio stock at a buy rating. The firm said the stock had upside ahead as a subsidiary was spun off.
VF Corp. — The parent company to apparel retailers like Vans and The North Face rose 5% after Goldman Sachs upgraded the shares citing the company’s latest strategic moves as potential boosts to the stock. Thanks to VF’s strong management strategy and new products, the stock can jump more than 20%, Goldman said.
— CNBC’s Jesse Pound, Samantha Subin, Michelle Fox and Tanaya Macheel contributed reporting