JPMorgan, Wells Fargo and Dollar General rise premarket; BlackRock, Netflix fall
Investing.com -- U.S. futures drifted lower Friday, as investors digested the release during the previous session of hotter than expected inflation data as well as key bank earnings.
Here are some of the biggest premarket U.S. stock movers today:
JPMorgan Chase (NYSE: JPM) stock rose 1% after the banking giant reported revenue in the third quarter that topped expectations, aided by higher interest rates that helped offset lower deposit balances.
Wells Fargo (NYSE: WFC) stock rose 2.2% after the fourth largest U.S. lender reported a jump in profit in the third quarter as it benefited from customers paying higher interest on loans.
BlackRock (NYSE: BLK) stock fell 2.2% despite the world's largest asset manager reporting a 13% rise in third-quarter profit as clients pulled $13 billion from long-term funds.
Dollar General (NYSE: DG) stock soared 6.9% after the discount retailer reappointed former CEO Todd Vasos to the top job to help combat weakening traffic and margin pressure.
Activision Blizzard (NASDAQ: ATVI) stock rose 0.1% after Britain’s competition watchdog cleared the video games maker’s acquisition by Microsoft (NASDAQ: MSFT), down 0.4%, meaning the gaming industry's largest-ever deal is set to go ahead after almost two years of legal reviews.
Ford (NYSE: F) stock fell 0.4% after a senior executive said the automaker is "at the limit" of what it can spend on higher wages and benefits for the United Auto Workers, as the union’s strike continues.
Netflix (NASDAQ: NFLX) stock fell 1.8% after Wolfe Research downgraded the streaming giant to ‘peer perform’ from ‘outperform’, flagging 2024-2025 growth forecasts as too optimistic.
Fortinet (NASDAQ: FTNT) stock fell 3% after Barclays downgraded the cybersecurity company to ‘equal weight’ from ‘overweight’, seeing a more balanced risk/reward basis going forward.