Business

Stocks making the biggest moves in the premarket: Goldman Sachs, Bed Bath & Beyond, JetBlue & more

Here are some of the companies making headlines in premarket trading:

Goldman Sachs (GS) — Goldman shares rose more than 1% in premarket trading after the company’s first-quarter results handily topped Wall Street’s expectations. The bank earned $18.60 per share, compared to the $10.22 per share expected by analysts surveyed by Refinitiv. Revenue came in at $17.7 billion, which was ahead of the expected $12.6 billion. JPMorgan Chase (JPM) also beat top- and bottom-line estimates for the first quarter.

Bed Bath & Beyond (BBBY) — Shares of the retailer tumbled 7% in the premarket after the company said net sales during the fourth quarter fell about 16%. During the period the company earned an adjusted 40 cents per share on $2.62 billion in revenue. Analysts surveyed by Refinitiv were expecting 31 cents per share and revenue of $2.63 billion.

JetBlue Airways (JBLU) — JetBlue stock rose 3% after JPMorgan upgraded the stock to “overweight” from “underweight.” The firm expects the airline to continue to focus on cost controls in the wake of the pandemic, and noted that the current valuation is attractive. JPMorgan also upgraded Spirit Airlines (SAVE) to “overweight” from “underweight,” while lifting its rating on Southwest (LUV) to “neutral.”

Moderna (MRNA) — Shares of Moderna jumped more than 3% in premarket action after the company said new data show its Covid vaccine is more than 90% effective six months after the second shot. The data was based on more than 900 cases of the virus.

Occidental (OXY) — Shares of the energy company gained more than 2% in the premarket after MKM Partners upgraded the stock to a “buy” rating. “OXY has depreciated over 20% since early March (vs. XOP down 15%-20%) and reflects approximately 30% equity value upside, thus meriting an upgrade from Neutral to Buy,” the firm said in a note to clients.

Discovery (DISCA) — Class A shares of the media company slid more than 4% after CNBC reported that Credit Suisse is still unloading its position in the wake of Archegos Capital Management’s blowup. According to people familiar with the matter, the bank was selling 19 million shares of Discovery’s class A stock on Tuesday.

Harley-Davidson (HOG) — Shares of the motorcycle company rose more than 2% in premarket trading after Bank of America initiated coverage on the stock with a “buy” rating. The firm said the company’s new strategy is “elevating an iconic global brand.”

Snap (SNAP) — The social media company’s stock was up more than 2% after Wedbush assumed coverage of the stock with an “outperform” rating. The firm said in a note that Snap is “uniquely positioned” as a video-centric platform, and sees opportunities around the company’s augmented reality and social commerce divisions.

Enjoyed this article?
For exclusive stock picks, investment ideas and CNBC global livestream
Sign up for CNBC Pro
Start your free trial now

View Article Origin Here

Related Articles

Back to top button