Check out the companies making the biggest moves in premarket trading: Wells Fargo — Shares tumbled 6% after the bank reported $11.92 billion in net interest income for the second quarter, a 9% year-over-year decline . Analysts polled by FactSet were expecting $12.12 billion in net interest income. Wells Fargo also reiterated its full-year forecast of a 7% to 9% decrease in net interest income. JPMorgan Chase — The bank slipped 1.6% despite reporting a revenue beat for the second quarter. Revenue came in at $50.99 billion, versus the $49.87 billion expected from analysts polled by LSEG. Earnings were $4.40 per share, which may not compare with the consensus estimate of $4.19 per share. The shares are up nearly 22% already this year. Tesla — Shares dropped 1.2%, adding to the 8.4% decline in the previous session. On Friday, UBS downgraded the stock to sell from neutral, a day after a report that Tesla’s robotaxi event was pushed back to October from August. Bloomberg News, citing sources, said Thursday the delay would give the teams more time to build prototypes. AT & T — The telecommunications stock fell more than 2% after disclosing that customer data was illegally downloaded from a third-party platform. AT & T said the data includes records of calls and texts for nearly all customers during a six-month period in 2022. Carvana — Shares of the used-car seller added 1.3% after BTIG initiated coverage of the stock at a buy rating. The firm believes Carvana is uniquely positioned against its industry peers and said investors “shouldn’t overlook” the opportunity. Fastenal — The industrial stock gained 2.2% after Fastenal posted second-quarter revenue of $1.92 billion that topped the FactSet consensus estimate of $1.91 billion. Per-share earnings of 51 cents came in line with expectations. — CNBC’s Sarah Min, Jesse Pound and Pia Singh contributed reporting.
Stocks making the biggest premarket moves: Wells Fargo, JPMorgan, Tesla, Carvana and more
Jul 12, 2024
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