Pre-Market : JPMorgan gains/Nokia Falls/ Stocks July 14th

Pre-Market

Pre-Market active stocks

Gainers

• JPMorgan (NYSE:JPM) shares jumped 3.1% after the banking behemoth reported a 67% increase in earnings for the second quarter on Friday, as it earned more in borrowers’ interest and profited from the acquisition of First Republic Bank.
• Wells Fargo (NYSE:WFC) stock jumped 2.8% after the lender announced a 57% increase in second-quarter profit as it earned more in customer interest payments and boosted its prediction for 2023 net interest income.
• Microsoft (NASDAQ:MSFT) stock jumped 1.8% after UBS raised its view on the software giant from ‘neutral’ to ‘buy,’ citing AI catalysts and cloud stabilization, and calling the shares “too attractive” to pass up.
• The shares of Walt Disney (NYSE:DIS) climbed 0.2% on Friday, as the entertainment conglomerate prepared to seek a Florida judge to reject a lawsuit filed by a state oversight body as part of its effort to prosecute its case against Governor Ron DeSantis.

Losers

• Nokia (NYSE:NOK) ADRs slumped 9.2% after the Finnish telecom equipment company decreased its full-year estimate, lowering its revenue prediction for 2023.
• Alcoa (NYSE:AA) stock slumped 2.5% after JPMorgan downgraded the miner from ‘overweight’ to ‘neutral,’ citing deteriorating aluminum fundamentals and mine permitting uncertainty.
• The shares of BlackRock (NYSE:BLK) plummeted 1.4% as the world’s largest asset management only reported a 25% increase in second-quarter profit, despite investors pouring money into its various market funds.
• AT&T (NYSE:T) stock slumped 1.3% after JPMorgan downgraded the telecoms behemoth from ‘overweight’ to ‘neutral,’ citing growing competition and the high-interest rate environment.

MARKET MOVERS 

MIDDAY MOVERS

GAINERS

• Microsoft (NASDAQ:MSFT) stock jumped 1.5% after UBS raised its view on the software giant from ‘neutral’ to ‘buy,’ citing AI catalysts and cloud stabilization, and calling the shares “too attractive” to pass up.
• JPMorgan (NYSE:JPM) shares increased 0.2% after the banking behemoth reported a 67% increase in earnings for the second quarter on Friday, as it earned more in borrowers’ interest and profited from the acquisition of First Republic Bank.
• Wells Fargo (NYSE:WFC) stock increased 0.1% after the lender announced a 57% increase in second-quarter earnings as it earned more in customer interest payments and raised its prediction for 2023 net interest income.

Losers

• Nokia (NYSE:NOK) ADRs slumped 9.3% after the Finnish telecom equipment company downgraded its full-year estimate, lowering its revenue prediction for 2023.
• Alcoa (NYSE:AA) stock slumped 6.5% after JPMorgan downgraded the miner from ‘overweight’ to ‘neutral,’ citing deteriorating aluminum fundamentals and mine permitting uncertainty.
• AT&T (NYSE:T) stock slumped 3.9% after JPMorgan downgraded the telecoms behemoth from ‘overweight’ to ‘neutral,’ citing rising competition and the high-interest rate environment.
• The shares of Walt Disney (NYSE:DIS) slumped 1.8% on Friday, as the entertainment conglomerate prepared to urge a Florida judge to reject a lawsuit filed by a state oversight body as part of its effort to prosecute its case against Governor Ron DeSantis.

UPGRADES BY EXPERTS

• Meta Platforms have been upgraded to Outperform.

TD Cowen boosted Meta Platforms (NASDAQ:META) from Market Perform to Outperform and increased its price objective to $345.00 from $220. Yesterday, the stock market gained more than 1%.

• Snowflake stock advances as a result of Scotiabank’s upgrading.

Snowflake (NYSE:SNOW) stock rose more than 7% yesterday after Scotiabank upgraded it to Sector Outperform from Sector Perform and increased its price objective to $212 from $137.

• Odeon Capital raised Goldman Sachs (NYSE:GS) to Buy from Hold, with a $355.75 price target.On July 19, before the market opens, the company will disclose its Q2/23 earnings. The consensus forecast for EPS is $6.26 and revenue is $11.31 billion
• BMO Capital raised Pilgrims Pride (NASDAQ:PPC) to Outperform from Market Perform, with a $28.00 price objective, indicating the firm’s belief that a broader range of possible catalysts has adjusted risk/reward more favorably. Yesterday, the stock increased by more than 8%.

DOWNGARDES BY EXPERTS

JPMorgan downgraded AT&T to Neutral.

AT&T (NYSE:T) shares fell more than 1% pre-market today after JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $17.00 from $22.00, citing increased competition in the Mobility sector from Verizon Communications (NYSE:VZ), T-Mobile US (NASDAQ:TMUS), and cable providers, as well as in the Consumer Wireline segment from cable and FWA providers. AT&T also struggles in Business Wireline.

After Q2 shortfall, Progressive downgraded.

Wells Fargo reduced Progressive (NYSE:PGR) to Equal Weight from Overweight with a $128.00 price target.

JPMorgan downgraded Alcoa (NYSE:AA) to Neutral from Overweight due to deteriorating aluminum fundamentals and mine permitting uncertainty. Pre-market shares plummeted over 2%.

Morgan Stanley reduced SoFi Technologies (NASDAQ:SOFI) to Underweight from Equalweight with a $7.00 price objective (from $6.50).

Earnings Calendar

Friday JULY 14

JPMorgan (JPM), UnitedHealth (UNH), Wells Fargo&Co (WFC), BlackRock (BLK), Citigroup (C), State Street (STT), Burberry Group (BRBY)

For details

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