A pedestrian walks by the Pinterest headquarters in San Francisco, April 9, 2019.
Justin Sullivan | Getty Images
Discover the key movers in the market before the opening bell.
Bank of America — Bank of America shares rose 0.4% in premarket trading after exceeding expectations for the second quarter in terms of both revenue and profit. The bank’s improved performance can be attributed to higher interest rates, leading to more profitable lending.
Bank of N.Y. Mellon — The bank reported better-than-expected profit and revenue for the second quarter, also benefiting from higher interest rates. However, the stock experienced a decline of over 1%.
PNC Financial — PNC’s premarket trading showed a 2.7% decrease after posting quarterly revenue lower than expected, even though earnings exceeded forecasts. Both deposits and net interest income fell at PNC.
Verizon, AT&T — Verizon’s premarket trading showed a 1% increase, while AT&T rose 0.7%. Both companies have experienced recent declines, with AT&T hitting its lowest level since 1993 on Monday and Verizon reaching its lowest point since 2010. Analysts have expressed concerns regarding potential liability associated with lead-encased cables across the U.S.
Masimo — Masimo’s premarket trading saw a significant drop of 28% after the medical-device maker projected lower-than-expected sales for the second quarter. This decline can be attributed to hospitals reducing equipment spending due to increased personnel costs.
Novartis — Novartis experienced a 2.9% increase in premarket action after raising its full-year outlook due to strong pharmaceutical sales. The company also announced plans to spin off its generic drug division, Sandoz, in early fourth quarter.
Pinterest — Pinterest experienced a 3.3% surge in after-hours trading following an upgrade to an outperform rating from Evercore ISI, which previously rated it as in line. Evercore stated that it foresees stability in digital ad spending, with signs of recovery in the second half of the year.
Norwegian Cruise Line — The stock of the cruise line operator declined by 1.8% in premarket trading after a downgrade from Truist, which shifted its rating from buy to hold. Truist remains optimistic about the cruise industry’s trends but notes that the stock has recently performed exceptionally well.
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