A look at which companies are making the biggest moves in the premarket:
- The bank reported fourth-quarter earnings and revenue before it even sounded a signal that beat Wall Street’s expectations. Nevertheless, it said that a moderate recession is now a “major case.” JPMorgan lost nearly 3% in initial trading.
- Goldman Sachs downgraded the defense contractor from neutral to sell and lowered its target price by $56 to $332. The Wall Street firm said the company is vulnerable to any changes in government budgets. Lockheed Martin shares fell more than 3 percent at the premarket.
Virgin Galactic Holdings.
- The space tourism company rose nearly 16% after it said it is preparing for a commercial launch in the second quarter of 2023.
Wells Fargo Co.
- Bank fell nearly 4% after it reported lower profits because of a recent settlement and the need to build up reserves.
Delta Air Lines.
- The airline reported fourth-quarter earnings and revenue even before the bell, which beat expectations. Its adjusted earnings per share were $1.48, compared with Refinitiv’s estimate of $1.33. Delta was down 4.5% at the premarket.
- The airline lost about 2 percent the day after a nearly 10 percent rise in earnings at the premarket.
- The maker of electric cars lost nearly 6% on the premarket after Guggenheim downgraded it from neutral to sell because of concerns about Tesla’s fourth-quarter estimates. Tesla also cut prices again in the U.S. and Europe, according to a list on the company’s Web site Thursday night. The stock has lost 65% in 2022.
Bank of America.
- Bank reported earnings per share of 85 cents last quarter, above the 77 cents per share analysts expected, Refinitiv reported. Revenue also beat expectations. However, the bank’s net interest income came in slightly below expectations, despite a jump in interest rates. Shares of Bank of America were down 2.8 percent in early trading.
- The software company fell 1.4% in premarket trading after Atlantic Equities downgraded its rating from overweight to neutral. The Wall Street firm cited performance problems, a management exodus and slower-than-expected revenue growth.
- Bank of America upgraded Caterpillar to a neutral rating, saying the company has an undervalued roadmap that could lead to outperformance. Caterpillar was relatively flat in the premarket.
— The maker of keyboards and mice continued to fall in the premarket, losing almost 5%. The move came a day after Logitech lost 16% on the announcement that preliminary results showed declining sales and profits. Deutsche Bank downgraded the stock Friday.