Stocks making the biggest moves premarket: BlackRock, Wells Fargo, Sherwin-Williams
See which companies are making the headlines even before the bell rings.
BlackRock (BLK) – BlackRock earned an adjusted $10.42 per share for the fourth quarter, beating the consensus estimate of $10.16, although revenue for the asset manager was slightly below forecasts. The first time that assets under management surpassed $10 trillion was when they soared above it.
JPMorgan Chase (JPM) – JPMorgan beat estimates by 32 cents with quarterly earnings of $3.33 per share, while revenue topped forecasts as well. Strong performance in the bank’s investment banking division was a plus, while results from its trading operations were slower. JPMorgan shares declined 2.7% in premarket.
Wells Fargo (WFC) – Wells Fargo gained 2.3% in the premarket after beating estimates on the top and bottom lines for the fourth quarter. Wells Fargo posted an adjusted $1.25/share, twelve cents higher than estimates. Overall profits were boosted due to the release and improvement of loan demand.
Sherwin-Williams (SHW) – The paint company’s stock fell 3.3% in premarket action after it cut its full year forecast amid supply chain issues that it expects to persist through the current quarter. Sherwin Williams did confirm that demand is strong in all of its markets.
Macau casino stocks – Las Vegas Sands (LVS), Wynn Resorts (WYNN), Melco Entertainment(MLCO) MGM ResortsPremarket trading saw the MGM stock rise after Macau’s government announced that it will limit the number casino licenses to six. This is the list of companies that are operating in Macau. They will lose their licenses this year. Las Vegas Sands rose 10.7%, Wynn soared 10% and Melco shot 12.9%. MGM grew 4%.
Walt Disney (DIS) – Disney lost 1.6% in premarket trading after Guggenheim downgraded the stock to “neutral” from “buy,” reflecting lowered predictions for Disney’s direct-to-consumer and parks businesses.
Boston Beer (SAM) – Boston Beer tumbled 8% in the premarket after the brewer cut its annual earnings outlook. Supply chain problems and a slowing sales growth of Truly Hard Seltzer are causing concern for the company.
Virgin Orbit (VORB) – Virgin Orbit successfully launched seven small satellites Thursday, the first launch since the company went public last month. Premarket trading saw shares rise 1.1%
BJ’s Wholesale (BJ) – BJ’s shares lost 3% in premarket action after J.P. Morgan Securities downgraded the warehouse retailer’s stock to “underweight” from “neutral,” reflecting concerns about inflation and a pullback in stimulus measures for consumers.
Bausch Health (BHC) – Bausch Health rallied 3.2% in the premarket following news that its Bausch + Lomb eyecare unit filed to go public and that the unit reported a jump in sales for the nine months ended in September. Bausch + Lomb’s majority shareholder will be Bausch Health.