Market Insider

Stocks making the biggest moves premarket: Bank of America, Bank of NY Mellon, MGM Resorts & more

VIDEO0:4300:43
Wall Street set to open in the red as investors monitor Brexit developments

Check out the companies making headlines before the bell:

Bank of America – Bank of America reported quarterly profit of 56 cents per share, 5 cents a share above estimates. Revenue was slightly above forecasts, as well. Results were helped by a 27% increase in investment banking fees and strong growth in consumer banking.

Bank of New York Mellon – The bank reported quarterly profit of $1.07 per share, beating the consensus estimate of 99 cents a share. Revenue came in below forecasts, however, as net interest revenue fell 18% from a year ago.

Achillion Pharmaceuticals – Achillion will be acquired by Alexion Pharmaceuticals for an initial $930 million or $6.30 per share. Achillion shareholders will also receive contingent value rights that could be worth up to an addition $2 per share depending on the achievement of certain milestones.

United Airlines – United reported adjusted quarterly profit of $4.07 per share, 10 cents a share above estimates. Revenue was essentially in line with expectations. The airline also raised its full-year outlook thanks to a surge in passenger bookings.

Interactive Brokers – Interactive Brokers missed estimates by 4 cents a share, with quarterly earnings of 45 cents per share. The electronic brokerage firm's revenue fell short of estimates, as well,  despite a 12% year-over-year increase in commissions.

Eaton Corp. – Eaton sold its lighting business, Cooper Lighting Solutions, to Dutch lighting company Signify for $1.4 billion. The power management company's sale follows a review of alternatives to maximize shareholder value.

MGM Resorts – MGM is selling its Bellagio and Circus Circus resorts in separate deals for a total of about $5 billion. It will use the proceeds to reduce debt and return capital to shareholders.

Tech Data Corp. – Tech Data has reportedly been approached by private-equity firm Apollo Global about a possible buyout. Apollo is offering close to $5 billion for the information technology equipment distributor, according to Reuters.

McKesson, AmerisourceBergen, Cardinal Health – The three drug distributors are said to be in talks to settle opioid-related lawsuits for $18 billion, according to The Wall Street Journal, quoting people familiar with the discussions.

Sleep Number – Sleep Number reported quarterly profit of 94 cents per share, 15 cents a share above estimates. The mattress retailer also reporting better-than-expected revenue. The company said a double-digit increase in sales is being driven in part by demand for its Sleep Number 360 smart bed.

JB Hunt Transport – JB Hunt Transport came in 5 cents a share below estimates, with quarterly earnings of $1.40 per share. The transportation services company's revenue came in slightly above Street forecasts. Results were pressured by losses in the company's integrated capacity solutions segment.

PNC Financial – PNC earned $2.94 per share for its latest quarter, 14 cents a share above estimates. Revenue also beat forecasts, boosted by higher loan growth.

US Bancorp – The bank beat estimates by 4 cents a share, with quarterly earnings of $1.15 per share. Revenue also came in above Wall Street forecasts. Like PNC, US Bancorp was aided by loan growth.

Next Article
US Markets

Stocks slip as weak retail sales offset solid earnings