JPMorgan, Wells Fargo, Tesla, Delta and Bank of America fall premarket
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, January 13th. Please refresh for updates.
JPMorgan Chase (NYSE: JPM) stock fell 2.9% after the investment bank set aside a hefty $1.4 billion in anticipation of an economic slowdown even as it reported a better-than-expected quarterly profit on the back of strong performance at its trading unit.
Wells Fargo (NYSE: WFC) stock fell 3.9% after the lender reported a 50% decline in profit for the fourth quarter, racking up more than $3B in legal costs as well as boosting loan loss reserves for a potential economic slowdown.
Bank of America (NYSE: BAC) stock fell 3% despite the lender reporting a better-than-expected fourth quarter profit as rate hikes helped it charge more interest on loans to customers. The bank's investment banking fees more than halved in the quarter, taking some shine off the gains in its consumer business.
Tesla (NASDAQ: TSLA) stock fell 5.8% after the electric car manufacturer said it will cut prices for its mass-market Model 3 and the Model Y SUV Crossover, in an apparent move to sustain sales after missing forecasts for deliveries in the fourth quarter.
Delta Air Lines (NYSE: DAL) stock fell 4,4% after the carrier reiterated its full-year profit forecast despite better-than-expected quarterly profit on the back of robust travel demand. Rival American Airlines (NASDAQ: AAL) lifted its profit outlook for the December quartet on Thursday.
Lockheed Martin (NYSE: LMT) stock fell 3.2% after Goldman Sachs downgraded the aerospace giant to 'sell' from 'neutral', saying shares could fall substantially if the U.S. government reduces defense spending.
BlackRock (NYSE: BLK) stock fell 0.5% after the world's largest asset manager posted a drop in fourth quarter profit on Friday, as a global market rout pressured fee income and assets under management fell.
Caterpillar (NYSE: CAT) stock rose 0.7% after Bank of America upgraded its stance on the construction equipment company to 'buy' from 'neutral', saying the company has a "roadmap to outperformance."