The big banks – Goldman Sachs (GS), Bank of America (BAC), Morgan Stanley (MS), JPMorgan Chase (JPM) and Wells Fargo (WFC) have all announced dividend increases after passing the latest stress tests of the Fed. Morgan Stanley and Wells Fargo both doubled their dividends, while Citigroup (C) was the only one of the six largest banks to keep its dividend unchanged. Morgan Stanley rose 3.3% in the pre-market, with Goldman up 1.4%.
Facebook (FB) – Facebook remains under surveillance after a late Monday jump that saw it surpass the $ 1,000 billion mark in market value. This follows a court ruling that dismissed federal and state antitrust complaints against the social media giant.
Tesla (TSLA) – UBS lowered its price target on Tesla shares to $ 660 from $ 730, while maintaining a “neutral” rating, noting growing competition as well as operational delays.
Boeing (BA) – Boeing has won an order for 200 jets from United Airlines (UAL), which has also ordered 70 Airbus jets as part of its fleet modernization. United will purchase a variety of Boeing Max jets and Airbus A321neo models.
FactSet (FDS) – The financial information firm earned $ 2.72 per share for its fiscal third quarter, 3 cents per share below estimates. Revenues exceeded Wall Street forecasts. FactSet expects earnings of $ 10.75 to $ 11.15 per share for the year ending August, against a current consensus estimate of $ 11.14 per share.
Herman Miller (MLHR) – Herman Miller reported quarterly earnings of 56 cents per share, beating the consensus estimate of 39 cents per share. The office furniture manufacturer’s revenue also exceeded estimates. Herman Miller, however, gave lower-than-expected earnings forecasts and his shares fell 1.7% pre-market.
Jefferies Financial (JEF) – Jefferies beat Wall Street’s forecast for earnings and revenue for its most recent quarter, and the financial services firm also announced a 25% increase in dividends. Jefferies grew 3.3% in pre-market trading.
XPO Logistics (XPO) – XPO announced that its public offering of 5 million common shares was priced at $ 138 per share, up from $ 140.61 at Monday’s close. The transport and logistics company plans to use the funds to repay debt and for general business purposes. XPO fell 1.5% in pre-release.
Herbalife Nutrition (HLF) – Herbalife received a “buy” rating in the new cover from B Riley Securities, with a price target of $ 70 per share. The nutritional products maker’s inventory closed at $ 53.34 on Monday. B Riley notes that Herbalife’s global leadership in weight management supplements is increasingly present in the sport / fitness category.
General Electric (GE) – Goldman Sachs has called the action a “flagship,” based in part on an optimistic view of GE’s cash flow prospects as the industrial sector recovers. Goldman is pricing GE to “buy” with a price target of $ 16 from Monday’s close of $ 12.89. GE grew 1% in pre-market trading.
Textron (TXT) – Textron has gone from “overweight” to “equal weight” at Morgan Stanley, based on a rebound in business jet use as well as the outlook for vertical take-off and landing electric vehicles.
FedEx (FDX) – Bank of America Securities added FedEx to its “US1” list of top picks, while maintaining a “buy” rating. BofA sees significant favorable winds for FedEx, including increased pricing power, and notes that the stock is at the low end of its historic trading range.