JPMorgan, Wells Fargo, Delta Rise Premarket; Morgan Stanley, Beyond Meat Fall
Investing.com | Author Peter Nurse
Published Oct 14, 2022 07:47AM ET
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, October 14th. Please refresh for updates.
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JPMorgan Chase (NYSE:JPM) stock rose 1.4% after the lender posted better than expected third-quarter results, helped by advances in interest income. The bank set aside $808 million in reserves.
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Wells Fargo (NYSE:WFC) stock rose 1.1% after quarterly revenues beat expectations even as the lender reported a decline in profit after bolstering provisions for credit losses by $784 million in preparation for a hit from a potential economic slowdown.
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Morgan Stanley (NYSE:MS) stock fell 3.7% after the bank reported a drop in third-quarter profit, as a slowdown in global dealmaking hurt the investment bank's core underwriting business.
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Albertsons (NYSE:ACI) stock fell 2.8% after Kroger (NYSE:KR), down 3.1%, agreed to buy the rival grocer in a deal valued at $24.6 billion.
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Beyond Meat (NASDAQ:BYND) stock fell 7.3% after the faux-meat maker slashed its annual revenue forecast due to rising inflation , and said it was cutting about 200 jobs, or 19% of its total workforce.
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Delta Air Lines (NYSE:DAL) stock rose 2.5% after Cowen upgraded its stance on the carrier to ‘outperform’ from ‘market perform’, saying its shares can rally nearly 80% as the travel recovery continues.
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Micron (NASDAQ:MU) stock rose 0.5% after Loop Capital initiated coverage on the semiconductor manufacturing company with a ‘buy’ rating, saying the chip downcycle is nearing a bottom.
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Stanley Black & Decker (NYSE:SWK) stock fell 1.3% after Credit Suisse downgraded its stance on the world’s largest tool company to ‘neutral’ from ‘outperform’ as home improvement spending slows.
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Northrop Grumman (NYSE:NOC) stock fell 0.7% after JPMorgan downgraded the aerospace and defense company to ‘neutral’ from ‘overweight’, citing the stock’s recent outperformance.
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