Premarket movers: UnitedHealth jumps, chip stocks slide

JPMorgan Chase shares rose 1.93% in premarket trading despite the bank reporting third-quarter profit below expectations, as weaker fixed-income markets revenue weighed on its results. The largest U.S. bank posted profit of $15.31 billion, or $5.57 per share, for the quarter ended September 30, below the Bloomberg consensus estimate of $5.92 per share. Adjusted revenue increased 8% from a year earlier to $50.9 billion, also missing expectations of $51.37 billion.

Fixed-income markets revenue fell 4% to $5.4 billion, reflecting lower revenue in commodities, rates, credit and public finance, partly offset by gains in currencies and emerging markets. Investment banking fees, however, climbed 14% to $3 billion, primarily on higher advisory fees.

Johnson & Johnson fell 2.93% in premarket trading even after reporting third-quarter revenue and adjusted earnings above Wall Street expectations. Revenue reached $25.4 billion, compared with analysts’ average estimate of $25.28 billion, while adjusted earnings of $2.59 per share topped the expected $2.54.

Pharmaceutical sales rose 7.7% to $16.76 billion, driven by demand for immune disease treatment Tremfya. However, sales at its medical technology division increased just 2.5% to $8.6 billion, with sales outside the U.S. broadly flat. The company said geopolitical issues, including the conflict in the Middle East, weighed on its medical devices business.

VF Corporation climbed 3.9% in premarket trading after Piper Sandler and Truist Securities upgraded the apparel company, citing signs of stabilization at its Vans footwear brand. Piper Sandler raised its rating to Overweight from Neutral and lifted its price target to $20 from $16. Truist upgraded the stock to Buy from Hold and raised its target to $20 from $14. The upgrades point to improving confidence that Vans could be approaching an inflection point after a difficult period.

Domino’s Pizza fell 3.1% in premarket trading despite reporting third-quarter 2026 earnings and revenue above analyst estimates. Diluted earnings per share came in at $4.60, topping expectations of around $4.36, while revenue of $1.185 billion edged past forecasts.

Investors appeared more focused on the slowdown in U.S. same-store sales growth, which was just 0.3% in the quarter, compared with franchise same-store sales growth of 5.3% in the same period a year earlier. The deceleration raised concerns about whether the company’s promotional efforts are generating a sustained recovery in demand.

UnitedHealth Group gained 2.8% to $389 in premarket trading after raising its 2026 profit forecast, helped by tighter control over medical costs and improved margins in its Optum clinical care and health technology businesses. The insurer reported adjusted third-quarter earnings of $4.69 per share, up from $2.92 a year earlier and above analysts’ average estimate of $4.14, according to LSEG data.

UnitedHealth now expects adjusted earnings of at least $20.50 per share in 2026, compared with its previous forecast of at least $19.50 to $20. The improved outlook marks a further step in the company’s turnaround following a major industry cyberattack, missed financial targets and the withdrawal of its earlier outlook.

Western Digital fell 3.6% in premarket trading to $372.95 after UBS analyst Timothy Arcuri lowered his price target to $470 from $525 while maintaining a Neutral rating. The analyst cited concerns about capacity dynamics and pricing uncertainty in the hard disk drive market ahead of the company’s expected late-October earnings report.

The stock also came under pressure from a broader selloff in semiconductor and AI-related shares, as investors reassessed the sustainability and financing costs of data center investment and the impact of intensifying competition from China.

The wider chip sector remained under pressure, with Micron Technology down 2.3%, while Marvell Technology and SanDisk each fell more than 2% in premarket trading. Western Digital dropped nearly 4%, while Advanced Micro Devices and Broadcom each lost about 1%.