JPMorgan, Wells Fargo, and Uber Gain in Premarket; Tesla Declines
US stock futures declined on Friday as investors prepared for the upcoming quarterly earnings season with major banks set to release their financial results.
Here are some notable premarket movers in US stocks today:
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Tesla saw a drop of 6.6% after the electric vehicle manufacturer introduced its much-anticipated "Cybercab" robotaxi. Analysts noted that CEO Elon Musk did not address several critical questions regarding the technology.
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JPMorgan Chase shares increased by 2% after the largest US bank reported better-than-expected profit and revenue for the quarter, driven by higher net interest income.
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Wells Fargo’s stock rose 2.9% following the bank’s third-quarter earnings report, which exceeded expectations thanks to reduced expenses and credit costs.
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Uber shares grew by 4.9% as Tesla’s recent robotaxi announcement failed to impress investors. Jefferies commented that Tesla’s offering is a positive outcome for Uber.
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BlackRock experienced a 1.5% increase in stock price as the world’s largest asset manager reported record high assets under management for the third consecutive quarter, aided by significant inflows into exchange-traded funds and a strong equity market.
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BP ADRs dipped by 0.7% after the energy company cautioned that weak refining margins could impact its third-quarter results by up to $600 million.
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Stellantis stock fell 2.9% as the automotive giant announced a management shake-up aimed at improving performance amid declining profits and production cuts.
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Mobileye Global shares dropped by 2% after Mizuho downgraded its rating on the autonomous driving company to ‘neutral’ from ‘outperform’, citing slowing auto sales and rising competition.
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Humana saw its stock decrease by 3.8% after the health insurance provider faced a setback in the industry’s star ratings.
- Ferrari shares increased by 1.6% after JPMorgan upgraded its rating on the luxury automaker to ‘overweight’ from ‘neutral’, highlighting its strong earnings growth potential.