Market Insider

Stocks making the biggest moves in the premarket: Morgan Stanley, Bank of America, Twitter, J&J & more

US stocks set to slide at open
US stocks set to slide at open

Take a look at some of the biggest movers in the premarket:

Morgan Stanley (MS) – The investment firm earned $1.96 per share for the second quarter, well above the $1.12 a share consensus estimate. Revenue also beat forecasts. Morgan Stanley saw net revenue and net income rise to record levels, helped by strong trading results.

Bank of America (BAC) – The bank reported quarterly earnings of 37 cents per share, beating consensus estimates by 10 cents a share. Revenue also came in above forecasts. Bank of America added $4 billion to its loan loss reserves, bringing the total to $5.1 billion, joining other banks in preparing for a jump in credit losses due to the Covid-19 pandemic.

Johnson & Johnson (JNJ) – The medical device and consumer products maker beat estimates by 18 cents a share, with quarterly earnings of $1.67 per share. Revenue was above estimates as well. Results were impacted by the pandemic, but the company said the bottom line was helped by continued growth in its pharmaceutical business. Johnson & Johnson also raised its full-year outlook.

Twitter (TWTR) – Twitter users with verified accounts are able to tweet once again, following a security hack that targeted some of Twitter's highest-profile users. Twitter is in the process of investigating the incident, which impacted the accounts of former President Barack Obama, Tesla CEO Elon Musk and others.

Alphabet (GOOGL) – SunTrust raised its price target on the Google parent to a Street high $1,805 per share, based on what it sees as better-than-expected trends in the company's search ad business among other factors.

Kroger (KR) – The supermarket chain became the latest high profile company to institute a mandatory mask policy for customers. Kroger's mask policy will go into effect on July 22.

Tesla (TSLA) – Tesla vehicle registrations in California fell nearly 48% during the second quarter compared to a year earlier, according to data compiled by marketing research firm Cross-Sell. Model 3 registrations fell by nearly 64%. Many parts of the U.S. were under government-imposed stay-at-home orders during the quarter.

Alcoa (AA) – The aluminum producer lost 2 cents per share for its second quarter, smaller than the 38 cents a share loss that Wall Street was anticipating. Revenue was slightly above forecasts. Alcoa said it has lowered production costs, increased output, and improved its balance sheet in the face of the pandemic.

American Airlines (AAL) – American sent 25,000 workers warnings of potential furloughs, amid the drop in air travel demand due to the pandemic. Government payroll assistance will expire in October, and companies are required to give workers 60 days' notice of potential furloughs and layoffs.

Sleep Number (SNBR) – The mattress retailer lost 45 cents per share for the second quarter, smaller than the 67 cents a share loss predicted by analysts. Revenue also topped expectations. Sales were down 20% compared to a year earlier as stores closed due to the pandemic, but the company did reduce operating expenses by 17%.

Norwegian Cruise Line (NCLH) – The cruise line operator plans to raise $925 million in debt, and $250 million in an equity offering, as it seeks to boost liquidity while waiting for cruise industry sailings to resume.

Dollar Tree (DLTR) – Bank of America Securities raised its rating on the discount retailer's stock to "buy" from "neutral," based on what it sees as an improving sales outlook for both the Dollar Tree and Family Dollar brands.