Stocks making the biggest moves premarket: Albertsons, JPMorgan Chase, Beyond Meat and more
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Check out the companies making headlines before the bell:
Albertsons (ACI) – Albertsons lost 4.1% in the premarket after announcing a merger deal with supermarket rival Kroger (KR). Albertsons surged 11.5% Thursday after sources told CNBC the two sides were in talks to combine. Kroger shares slipped 3%.
JPMorgan Chase (JPM) – JPMorgan Chase shares added 2.3% in the premarket after beating top and bottom line estimates for the third quarter. The bank’s results were boosted by higher net interest income, helping offset lower deal-making revenue and higher loan loss reserves.
Wells Fargo (WFC) – Wells Fargo gained 1.6% in premarket trading following its quarterly results. Higher interest rates helped the bank’s bottom line, despite taking a hit from charges related to litigation and other matters.
Morgan Stanley (MS) – Morgan Stanley reported quarterly profit of $1.47 per share, 2 cents shy of estimates, as the investment bank navigated what it called a difficult and uncertain environment.
UnitedHealth Group (UNH) – The health insurer rose 1.6% in the premarket after beating top and bottom line estimates for the third quarter and raising its outlook. UnitedHealth was helped by lower costs for COVID-related testing and treatments.
Nutanix (NTNX) – The cloud computing company’s shares surged 15.9% in the premarket after the Wall Street Journal reported that Nutanix is exploring a possible sale. Sources told the outlet the company is targeting industry rivals and private equity firms as possible buyers.
Beyond Meat (BYND) – Beyond Meat slumped 8.7% in the premarket after reducing its revenue outlook and announcing another round of job cuts, pointing to reduced demand for its plant-based meat products and increasing competition.
Caterpillar (CAT) – Caterpillar waived its mandatory retirement policy in a move that will allow Chief Executive Officer Jim Umpleby to remain in his job after he turns 65 in February.
Infosys (INFY) – Infosys raised its revenue growth outlook for the fiscal year ending in March, although the India-based IT services firm did trim the high end of its operating margin forecast. Infosys also announced a $1.13 billion stock buyback.
