Take a look at the businesses making headlines earlier than the bell:
UnitedHealth (UNH) – The well being insurer’s shares rose 2.2% within the premarket after beating on the highest and backside strains for the third quarter and elevating its full-year earnings forecast. UnitedHealth earned $4.52 per share, 11 cents above consensus, helped by income beneficial properties at its Optum drug advantages unit.
Bank of America (BAC) – Financial institution of America shares gained 2.8% in premarket buying and selling, after reporting third-quarter earnings of 85 cents per share. That compares with a 71-cent consensus estimate and income that additionally topped forecasts, helped partly by a double-digit share enhance in web curiosity earnings.
Wells Fargo (WFC) – Wells Fargo reported adjusted quarterly earnings of $1.22 per share, in contrast with a consensus forecast of 99 cents, whereas income additionally got here in above estimates. Wells Fargo’s outcomes have been helped by a launch of funds that had been put aside to cowl unhealthy loans. The inventory added 1.2% within the premarket.
Walgreens Boots Alliance (WBA) – Walgreens shares rallied 2.4% within the premarket as its adjusted quarterly earnings of $1.17 per share got here in 15 cents above estimates. Income additionally beat consensus estimates, with outcomes helped by extra Covid-19 vaccinations in addition to development in gross sales of at-home Covid assessments and gross sales of chilly and flu merchandise.
Morgan Stanley (MS) – Morgan Stanley beat estimates by 30 cents with a third-quarter revenue of $1.98 per share, whereas income beat Road forecasts as properly. The funding agency stated its backside line mirrored sturdy efficiency throughout all its enterprise segments. Morgan Stanley rose 1.5% in premarket motion.
Caterpillar (CAT) – The heavy gear maker was up 1.2% in premarket motion after Cowen started protection with an “outperform” score, saying it sees the primary “megacycle” for Caterpillar in 14 years.
Taiwan Semiconductor (TSM) – The chip maker reported a better-than-expected 13.8% leap in third-quarter revenue, due to the surge in international chip demand and a scarcity that is pushed costs larger. Shares jumped 3.8% within the premarket.
Shopify (SHOP) – Shopify is partnering with Microsoft (MSFT), Oracle (ORCL) and different cloud suppliers to assist companies streamline their operations. Varied instruments from these suppliers will now be built-in into the Canadian e-commerce firm’s platform for its clients.
Avis Budget (CAR) – Avis Price range was downgraded to “underweight” from “equal-weight” at Morgan Stanley, citing numerous components together with valuation. The automobile rental firm’s shares have elevated five-fold over the previous 12 months, and Morgan Stanley feels Avis Price range is at peak cyclical earnings. The inventory tumbled 4.3% within the premarket.
UPS (UPS) – UPS was upgraded to “purchase” from “maintain” at Stifel Monetary, citing valuation, secular quantity development from e-commerce and continued deal with yield administration. Stifel additionally elevated its value goal for the inventory to $224 per share, representing a possible enhance of twenty-two% from present ranges. UPS added 2.6% in premarket buying and selling.
https://www.cnbc.com/2021/10/14/stocks-making-the-biggest-moves-premarket-unitedhealth-wells-fargo-walgreens-and-more.html | UnitedHealth, Wells Fargo, Walgreens and extra