Delta, JPMorgan, BlackRock and more
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Take a look at the top companies that made headlines long before the bell rang.
Delta Air Lines (DAL) – Delta rallied 6.6% in the premarket after reporting a smaller-than-expected quarterly loss and predicting a current-quarter profit. Also, in March the airline announced that monthly revenue exceeded prepandemic levels.
JPMorgan Chase (JPM) – The bank reported quarterly earnings of $2.63 per share, 6 cents shy of estimates, though revenue exceed Wall Street forecasts. JPMorgan saw a 42% drop in profit compared to last year due to lower deal volumes and lower trading revenues. In the premarket, JPMorgan stock dropped 1.1%
Bed Bath & Beyond (BBBY) – The housewares retailer reported an adjusted quarterly loss of 92 cents per share, compared with analyst expectations of a 3-cents-per-share profit. Bed Bath & Beyond instituted price hikes during the quarter, but it was not enough to offset a surge in shipping costs and other adverse factors. Bed Bath & Beyond shares tumbled 8% in premarket trading.
BlackRock (BLK) – The asset management firm reported an adjusted quarterly profit of $9.52 per share compared with the $8.75 consensus estimate. The revenue was in line with expectations. BlackRock’s revenue was essentially in line with forecasts, thanks to an inflow increase of assets under management at $9.57 trillion. This is up from the just above $9 trillion it received a year prior.
Antares Pharma (ATRS) – The specialty pharmaceutical company’s stock soared 48.7% in premarket trading after agreeing to be bought by Halozyme Therapeutics(HALO), $960,000,000, $5.60/share in cash.
PayPal Holdings (PYPL) – PayPal Chief Financial Officer John Rainey is leaving the payments company to take the same role at Walmart (WMT), effective June 6. Brett Biggs has been CFO since 2015. Rainey will take over from Biggs. Premarket activity by PayPal fell 3.5%
Sierra Oncology (SRRA) – The drug developer agreed to be bought by GlaxoSmithKline(GSK) was purchased for $1.9 billion. This sent the shares of GSK soaring by 37.5% at premarket while Glaxo’s shares rose 1.1%
Charles Schwab (SCHW) – The brokerage firm’s stock gained 1% in premarket trading after Morgan Stanley named it a “top pick,” saying Schwab will benefit from rising rates and that it has an attractive valuation compared to its peers.
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