Check out the companies making headlines before the bell:
Twitter (TWTR) – Twitter jumped 8.2% in premarket trading after Tesla (TSLA) CEO Elon Musk – currently Twitter’s second largest shareholder – offered to take the company private for $54.20 per cash share. The proposed deal would value Twitter at more than $43 billion.
Goldman Sachs (GS) – Goldman shares rose 2.2% premarket after the investment bank reported better-than-expected first-quarter earnings and revenue. Goldman noted that a “rapidly changing market environment” had a significant impact on client activity during the quarter.
Morgan Stanley (MS) – Morgan Stanley earned $2.02 a share in the first quarter, beating the consensus estimate of $1.68, with earnings also beating estimates. The bank said the upbeat results came despite market volatility and economic uncertainty, and the stock was up 2.3% premarket.
Wells Fargo (WFC) – Wells Fargo reported adjusted quarterly earnings of 88 cents per share, 8 cents above estimates, but revenue was slightly below analysts’ projections. The bank said it would be helped by higher interest rates, but aggressive Fed actions and the war in Ukraine are adding downside risks to economic growth. The stock fell 3.2% pre-market.
UnitedHealth Group (UNH) – The health insurer reported adjusted quarterly earnings of $5.49 per share, 11 cents above estimates, with revenue also beating Wall Street forecasts. Results were helped by growth in the company’s Medicare Advantage business, and it also raised its full-year outlook.
Rite Aid (RAD) – The drugstore operator lost $1.63 per adjusted share for its latest quarter, more than the 57 cent loss expected by Wall Street analysts, although revenue beat estimates. Rite Aid also forecast a lower fiscal 2023 loss than analysts had expected, along with details of a cost-cutting program. The shares rose 5.5% in premarket trading before falling.
UPS (UPS) – UPS rose 1% after Loop Capital upgraded it to “buy” from “hold”, saying the call was largely based on an attractive valuation in the delivery service’s stock .
Western Digital (WDC), Seagate Technology (STX) – Susquehanna Financial downgraded both hard drive makers, moving Western Digital from “neutral” to “positive” and Seagate to “negative” from “neutral,” in anticipation of a weaker demand in 2023 Western Digital fell 3% in premarket trading while Seagate lost 3.3%.
Rent The Runway (RENT) – Shares of the fashion rental company were volatile in premarket trading after reporting a lower-than-expected loss, as well as revenue and profit margins that beat Street forecasts. The stock initially plunged in after-hours trading as investors focused on a softer-than-expected outlook for the current quarter, then rose before losing gains again.
Correction: Elon Musk is Twitter’s second largest shareholder, with a 9.13% stake. Vanguard is the largest stakeholder with 10.29%.
Stocks make biggest moves ahead of April 14 market
Source link Stocks make biggest moves ahead of April 14 market