JPMorgan
Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- JPMorgan Chase (NYSE:JPM) shares jumped 1.7% as the bank announced a record full-year profit, boosted by rising interest rates, despite a 15% drop in net income in the fourth quarter.
- Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) both jumped 1.3% after crude prices soared following US and British missile attacks on Houthi troops in Yemen.
Losers
- Future Fintech (NASDAQ:FTFT) shares fell 16% after the US Securities and Exchange Commission accused the financial services firm’s CEO with fraud and failure to disclose.
- The shares of UnitedHealth (NYSE:UNH) slumped 5.3% after the health insurer reported an increase in medical care expenditures in the fourth quarter.
- Delta Air Lines (NYSE:DAL) shares slumped 5.1% after the airline lowered its profit forecast for the current fiscal year, citing supply chain concerns and macroeconomic risks.
- Tesla (NASDAQ:TSLA) shares sank 3.2% after the electric vehicle manufacturer reduced the pricing of several of its new China models while also announcing that it will halt most car manufacturing at its facility near Berlin.
- Lucid (NASDAQ:LCID) shares dipped 2.5% after the EV manufacturer issued a recall of over 2,000 units of its Air premium electric vehicle owing to probable flaws in early versions of a part that might pose a safety concern due to blocked driver vision.
- Bank of America (NYSE:BAC) stock declined 1.4% after the lender reported a lower-than-expected fourth-quarter earnings due to $3.7 billion in combined expenditures to replenish a government deposit insurance fund and phase out a lending index.
- Wells Fargo (NYSE:WFC) shares dipped 1.2% after the bank cautioned that net interest income in 2024 might be 7% to 9% lower than a year ago, despite a boost in fourth-quarter earnings due to expense reduction.
- BlackRock (NYSE:BLK) shares declined 1.1% after the world’s largest asset management announced a $12.5 billion acquisition of fund manager Global Infrastructure Partners, as well as an 8% increase in quarterly earnings.
Stocks in focus
JPMorgan (NYSE:JPM) stock climbed nearly 2% in pre-market trade, as the top U.S. bank’s full year 2024 net interest income (NII) outlook topped predictions and signaled a level comparable to 2023 despite an anticipated of lower interest rates. The bellwether business predicts full year NII of roughly $90B, or around $88B excluding markets, vs a Visible Alpha estimate of $86.4B and $89.3B in 2023. “The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing,” JPMorgan (JPM) top boss Jamie Dimon said.
Shares of Wells Fargo (WFC) dropped more than 2% ahead of the opening bell. The lender’s Q4 2023 profit decreased sequentially, hurt by the FDIC’s special assessment on major banks to replenish its insurance fund after last March’s regional bank turmoil and a charge for planned staff reduction, as well as a gain from the resolution of a tax case. For 2024, Wells Fargo (WFC) estimated NII might be roughly 7% to 9% lower than 2023’s $52.4B figure.
UnitedHealth (UNH) stock dropped over 3% before of market open, as the healthcare insurance giant’s higher medical expenses overshadowed a Q4 2023 top and bottom line beat. UNH’s full year 2023 medical care ratio – a crucial indicator for private insurers that is derived by dividing the total medical expenditures paid by an insurer by the total insurance premiums it received – came in at 83.2%, edging above both predictions and 2022’s reading of 82%.
Shares of Qualcomm (QCOM) gained ~2% ahead of pre-market trade, after Citi upgraded the company to Buy from Neutral and hiked up its price target to $160/share from $110/share. The brokerage highlighted industry inspections by experts across the technology supply chain at the just ended Consumer Electronics Show. The analysts said that the Dynamic Random Access Memory industry was continuing to develop, while also experiencing inventory replenishment in the wireless end market.
Boeing (BA) shares continues to gain attention, plunging more than 1.5% ahead of the opening bell. Shares of the top planemaker have plummeted 10.6% so far this week, as the fallout continues from an accident involving a ruptured door plug on a 737 Max 9 aircraft last Friday. In the latest report, the U.S. Federal Aviation Administration said it was taking additional efforts to improve monitoring of Boeing (BA) production and manufacturing.
Stocks with Dividend
Dividend increases from Lakeland Financial (LKFN) and STAG Industrial (STAG) were among this week’s dividend announcements, as were declarations from firms such as Proctor & Gamble (NYSE:PG) and Citigroup (NYSE:C).
Furthermore, sector participants such as Caterpillar (NYSE:CAT) and CVS Health (NYSE:CVS) will see the ex-dividend dates for their impending dividend payments next week.
See below for a summary of some of this week’s highlights, as well as some impending dividend activity.
Dividend Increases
Here are some companies that have announced a dividend increase in the past week:
Lakeland Financial (LKFN)
Dividend declared: January 9
New dividend amount: $0.48
Previous amount: $0.4615
Increase: 4%
STAG Industrial (STAG)
Dividend declared: January 10
New dividend amount: $0.1233
Previous amount: $0.1225
Increase: 0.7%
Apogee (APOG)
Dividend declared: January 11
New dividend amount: $0.25
Previous amount: $0.24
Increase: 4.2%
Dividend Declarations
Here are some companies that have announced a dividend in the past week:
Proctor & Gamble (PG)
Dividend declared: January 9
Dividend amount: $0.9407
MetLife (MET)
Dividend declared: January 9
Dividend amount: $0.52
KeyCorp (KEY)
Dividend declared: January 10
Dividend amount: $0.205
Citigroup (C)
Dividend declared: January 11
Dividend amount: $0.53
Upcoming Dividend Calendar
Here are some companies that have an ex-dividend date coming next week:
Accenture (ACN)
Ex-dividend date: January 17
Payout date: February 15
Williams-Sonoma (WSM)
Ex-dividend date: January 18
Payout date: February 23
Caterpillar (CAT)
Ex-dividend date: January 19
Payout date: February 20
CVS Health (CVS)
Ex-dividend date: January 19
Payout date: February 1
WEEKLY EARNINGS CALENDAR
Friday, JAN 12
Wells Fargo (WFC) Bank of America (BAC) BlackRock (BLK) BNY Mellon (BK) Citigroup (C) Delta Air Lines (DAL) JPMorgan Chase (JPM) UnitedHealth (UNH)
For Details
for Details read
JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan JPMorgan
Airbnb suffers as a result of KeyBanc’s downgrade
Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.
Following the split, WK Kellogg began at Sell.
Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00.
WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.
Nortfolk Southern and Bread Financial have been downgraded.
Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.
Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday.
Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market: Pre-Market:
ell suffers as a result of a downgrade by Barclays.
Dell Technologies (NYSE:DELL) shares tumbled 3% before the bell on Thursday after Barclays downgraded the firm to Underweight from Equalweight, with a $53.00 price target.
Cloudflare began at Underperform.
Cloudflare (NYSE:NET) has been added to BofA Securities’ coverage with an Underperform rating and a $52.00 price objective.
Crocs (NASDAQ:CROX) shares were down more than 2% in pre-market trading today after B.Riley downgraded the firm to Neutral from Buy and reduced its price objective to $101.00 from $125.00.
Verint Systems (NASDAQ:VRNT) was downgraded from Outperform to Perform by Oppenheimer.
Following the company’s announced Q2 EPS and sales misses, as well as dismal full-year forecasts, shares fell more than 17% pre-market today.