Bank of America (BAC) – Shares of Bank of America slipped 2.2% pre-market after posting quarterly profit of $ 1.03 per share, including a one-time tax benefit. The consensus estimate was 77 cents. The bank’s income was lower than Wall Street expected, and it also reported higher spending.
BlackRock (BLK) – The asset management company reported adjusted quarterly earnings of $ 10.03 per share, beating the consensus estimate of $ 9.46, while revenue was also above Wall Street forecast. Assets under management hit a record $ 9.49 trillion in the quarter. Despite the pace, BlackRock fell 1.4% in pre-market action.
Delta Air Lines (DAL) – Delta lost $ 1.07 per share in the second quarter, less than the loss of $ 1.38 per share that analysts had expected. Revenues exceeded expectations, with Delta noting accelerated customer demand and “solid” pre-tax profit for June. Delta gained 2.6% in the pre-market share.
Peloton (PTON) – Pelton shares fell 2.2% pre-market after Wedbush Securities downgraded the fitness equipment maker to “neutral” from “outperform”. Wedbush points out that consumers now have a growing number of workout alternatives, as well as the post-pandemic option of workouts outside the home.
American Airlines (AAL) – American expects to post positive cash flow for the second quarter, the first time this has happened since the start of the pandemic. At the height of the global travel shutdown, American was burning about $ 100 million a day in cash. US stocks jumped 2.9% in pre-market trading.
Broadcom (AVGO) – The chipmaker is no longer in talks to buy software company SAS Institute, according to people familiar with the matter who spoke to the Wall Street Journal. Talks were said to have ended after SAS co-founders Jim Goodnight and John Sall changed their minds about the possibility of selling the company.
Apple (AAPL) – Apple is asking vendors to build up to 90 million next-generation iPhones, according to people with knowledge of the matter who spoke to Bloomberg. This would represent an increase of up to 20% from 2020 levels. Apple grew 1.8% in pre-release.
EBay (EBAY) – eBay has agreed to sell part of its stake in Norwegian company Adevinta to meet a request from Austrian competition regulators. Austria wanted eBay to reduce its stake to a maximum of 33%, in order to agree to a merger between the classifieds activities of the two companies. eBay will sell a 10.2% stake in Adevinta to private equity firm Permira for $ 2.25 billion.
L Brands (LB) – L Brands raised its second quarter profit guidance, thanks to better-than-expected profit margins and improved sales at its Victoria’s Secret and Bath & Body Works units. Separately, L Brands has filed an application to sell 20 million shares held by founder Leslie Wexner and affiliated shareholders. The company will not receive any proceeds from the sale. L Brands fell 2.1% in pre-marketing.
Jefferies Financial (JEF) – Japanese financial group Sumitomo Mitsui is planning to buy a 5% stake in Jefferies for around $ 380 million, according to multiple reports. Sumitomo has acknowledged that he is considering a financial alliance with Jefferies and will announce further details once they are finalized. Jefferies shares were up 3.5% in pre-market trading.
Lululemon (LULU) – The apparel maker’s shares rose 1.1% pre-market after Goldman launched a cover with a ‘buy’ rating and inclusion on the company’s ‘buy conviction’ list . Goldman said the post-Covid recovery period has been good for strong brands and clothing.