Stocks making the biggest movements pre-market: JNJ, GS, RUN
In this photo illustration, a container of Johnson and Johnson baby powder is shown on April 5, 2023 in San Anselmo, California.
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Check out the companies making headlines before the clock on Tuesday.
Goldman Sachs – The investment bank said first-quarter revenue was $12.22 billion, below the consensus estimate of $12.79 billion from analysts polled by Refinitiv. Fixed income, currency and commodity trading was $3.93 billion in the first quarter, well below the Wall Street estimate of $4.16 billion, according to FactSet. Goldman shares fell nearly 4 percent. Goldman also said it took a $470 million hit related to the sale of consumer loans in its Marcus unit.
Johnson & Johnson — The drug and consumer products maker said first-quarter sales rose 5.6% to $24.75 billion, above the $23.67 billion consensus estimate of analysts polled by Refinitiv. Adjusted earnings came in at $2.68 per share ex-items, above the consensus estimate of $2.50. The CEO noted “strong performance” across all three business segments, and the company raised its guidance for 2023. Shares in the Dow Industrials component rose more than 1% premarket.
Bank of America — The Charlotte-based bank gained about 1.8% after topping first-quarter expectations on the top and bottom lines as interest rates rose. Higher interest rates helped boost BofA’s net interest income by 25% to $14.4 billion in the period.
Sunrun — The solar company’s shares rose 4.2% after KeyBanc upgraded the stock to overweight from sector weight. The bank said Sunrun could rise more than 31% from Monday’s close as it gains market share in California. The shares are down 14.4% so far this year.
Nvidia — Shares of the chipmaker rose 2.4% on Tuesday after HSBC upgraded the stock two levels, to buy from reduce. The firm said Nvidia is showing it has more power to price artificial intelligence chips than previously thought. Shares in Nvidia have already risen around 85% since the start of the year, and HSBC believes there is room for even more appreciation.
Lockheed Martin — Shares rose nearly 1% premarket after the aerospace and defense contractor beat Wall Street expectations in the first quarter and reaffirmed its full-year guidance.
Chubb — The insurer added 1.7% on the back of an upgrade from Bank of America to buy from neutral. The firm said Chubb has multiple avenues for growth and is skewed toward high-net-worth clients that could help cushion the negative effects of inflation on the top line.
Bank of New York Mellon — The custodian bank’s shares rose 0.8% Tuesday morning despite first-quarter earnings missing estimates. Bank of New York Mellon reported $4.36 billion in revenue, while Wall Street had expected $4.4 billion, according to consensus estimates from Refinitiv.
PowerSchool Holdings — Shares rose more than 3% in early trading after Goldman Sachs upgraded the education technology to buy from neutral. The bank assigned the company a $24 price target, suggesting the stock could gain as much as 22% from Monday’s close.
— CNBC’s John Melloy, Samantha Subin, Hakyung Kim, Alex Harring and Brian Evans contributed reporting.
