Take a look at some of the biggest movers in the premarket:
Travelers (TRV) – The insurance company reported quarterly earnings of $4.91 per share, well above the consensus estimate of $3.18 a share. Revenue matched Street forecasts. Travelers benefited from lower catastrophe claims, a record 8.4% jump in renewal premiums, and strong underwriting results. The shares gained 1.7% in premarket trading as of 7:40 a.m. ET.
Truist Financial (TFC) – The bank reported quarterly profit of $1.18 per share, beating the consensus estimate of 97 cents a share. Revenue also beat analysts' forecasts, helped by record results in Truist's investment banking and commercial real estate businesses.
KeyCorp (KEY) – KeyCorp reported better-than-expected profit and revenue for the fourth quarter, as the bank's consumer mortgage and investment banking businesses helped drive strong growth in fees. The shares gained 1% in premarket trading as of 7:40 a.m. ET.
Baker Hughes (BKR) – The oilfield services company reported quarterly loss of 7 cents per share, compared to a consensus estimate of a 17 cents per share profit. Revenue exceeded analysts' forecasts. The company said it was pleased with its 2020 performance considering the impact of the pandemic and industry downturn, and that it is well-positioned for the current environment.
United Airlines (UAL) – United reported quarterly loss of $7 per share, larger than the loss of $6.60 that analysts had been anticipating. Revenue was also below forecasts, as the airline continued to feel the impact of the Covid-19 pandemic. United said it was aiming to cut $2 billion in annual costs through 2023 as it tries to navigate a path to recovery. The shares lost 2% in premarket trading as of 7:40 a.m. ET.
SolarEdge Technologies (SEDG) – The solar equipment maker was rated "overweight" in new coverage at Morgan Stanley, which thinks SolarEdge is in a position to gain share in a fast-growing market. The stock gained 3% in premarket trading as of 7:40 a.m. ET.
Corteva (CTVA) – Activist investor Starboard Value is seeking to replace Corteva Chief Executive Officer Jim Collins and take control of the agricultural company's board. In a letter sent to the company's board chair, Starboard said Corteva's performance has been mediocre, and that it has an unnamed replacement for Collins in mind.
Tesla (TSLA) – Tesla saw fourth-quarter registrations in California jump by nearly 63% during the fourth quarter, thanks in part to the success of its Model Y crossover. California is Tesla's largest U.S. market.
Kinder Morgan (KMI) – Kinder Morgan beat estimates by 3 cents a share, with quarterly earnings of 27 cents per share. The pipeline operator's revenue also came in above Wall Street forecasts. Its results got a boost from increased natural gas shipping activity, but the company expressed concern over the rapid increase in shale-related spending following a rebound in U.S. oil prices. The shares gained 3% in premarket trading as of 7:40 a.m. ET.
Alcoa (AA) – Alcoa reported quarterly profit of 26 cents per share, compared to a consensus estimate of 11 cents a share. The aluminum producer's revenue also topped forecasts, but the company added it could see a drop in current-quarter performance should conditions in its end markets not improve. The shares lost 2% in premarket trading as of 7:40 a.m. ET.
Discover Financial (DFS) – Discover earned $2.59 per share for the fourth quarter, 17 cents a share above estimates. The financial services company's revenue also came in above estimates. It expects modestly positive loan growth this year, but also sees an increase in credit losses during the second half of this year.
Plexus (PLXS) – Plexus beat estimates by 14 cents a share, with quarterly earnings of $1.23 per share. Revenue was slightly below Wall Street forecasts. The diverse manufacturing company's results were helped by lower expenses, and it gave an upbeat forecast on growing demand in its medical equipment business.
Baidu (BIDU) – The China-based search engine company plans to file for a secondary listing in Hong Kong after the Chinese New Year, according to sources who spoke to China's Tencent News service.
PayPal (PYPL) – The payments company was upgraded to "buy" from "neutral" at BTIG, which said PayPal will continue to see benefits from the shift toward digital payments.