Stocks - JP Morgan, Citigroup Rise Premarket on Q2 Reports; Wells Drops
Investing.com
Published Jul 14, 2020 08:11AM ET
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, July 14th. Please refresh for updates.
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JPMorgan (NYSE:JPM) stock rose 2.1% helped by a surge in revenue at its bond and equities trading operations in the second quarter, despite its net profit being hit by a huge $10.8 billion charge for provisions against bad loans.
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Citigroup (NYSE:C) stock rose 1.6% after second-quarter earnings that beat analysts' forecasts and revenue that topped expectations, with a 68% rise in fixed-income revenue offsetting total credit charges of $7.8 billion.
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Wells Fargo (NYSE:WFC) stock dropped 3.7% after reporting a $2.4 billion net loss for the second quarter, after setting aside $9.5 billion to cover potential and actual loan losses. The bank also slashed its dividend to 10 cents a share from its previous level of 51 cents.
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Delta Air Lines (NYSE:DAL) stock dropped 1.2% after reporting a $3.9 billion adjusted pre-tax loss for the June quarter, stating that a sustainable recovery in air traffic was still two years away.
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Lockheed Martin (NYSE:LMT) stock rose 0.1% after China announced it would impose sanctions on the company, in retaliation for the U.S. approval of a possible $620 million deal for Taiwan to buy parts to refurbish defensive missiles made by the company
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Ford (NYSE:F)stock rose 2.6% after the U.S. car manufacturer unveiled its new “family” of Bronco SUVs late Monday, positioning the company to take on Fiat Chrysler’s Jeep brand.
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Mohawk Industries (NYSE:MHK) stock fell 8.6% after the maker of carpets and other floor covering products said it is being sued for federal securities law violations and it is under a SEC investigation for those alleged violations.
- Tesla (NASDAQ:TSLA) stock rose 6.9%, continuing the stock’s wild ride at the hands of retail investors. It closed more than 3% lower Monday after at one point posting gains over 16%. Tesla’s stock has quadrupled in price this year, and its second-quarter results are due next week.
- Netflix (NASDAQ:NFLX) stock rose 0.7% despite UBS downgrading its investment stance to "neutral" from "buy", with the investment bank saying the video-streaming company is now overvalued after a prolonged rally.
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