Market Insider

Stocks making the biggest moves in the premarket: GE, Apollo Global, J&J, GameStop & more

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Wall Street points to slightly lower open ahead of a slew of earnings

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

American Express (AXP) – The financial services giant reported fourth-quarter earnings of $1.76 per share, compared to a consensus estimate of $1.31 a share. Revenue matched Wall Street forecasts. Amex suffered a slump in travel and entertainment spending, although a jump in online spending helped offset that slide. The company's shares were down 1.7% in premarket trading as of 7:30 a.m. ET.

General Electric (GE) – GE shares are jumping in pre-market trading, after its fourth-quarter earnings report showed better-than-expected cash flow for the industrial conglomerate. GE's earnings came in a penny shy of estimates at 8 cents per share, however, but revenue was ahead of Wall Street forecasts. GE's shares jumped 6.5% in the premarket.

Apollo Global (APO) – The private-equity firm's CEO Leon Black will step down, following a review of his relationship with the late financier Jeffrey Epstein. The independent review found that Black was not involved in any way with Epstein's criminal activities. Apollo's shares climbed 5% in the premarket.

Johnson & Johnson (JNJ) – J&J came in 4 cents a share ahead of estimates, with quarterly earnings of $1.86 per share. Revenue came in ahead of estimates as well. The pharmaceutical and consumer health products maker also gave an upbeat 2021 forecast. The company's shares were up 2% in the premarket.

3M (MMM) – 3M beat estimates by 23 cents a share, with quarterly earnings of $2.38 per share. Revenue beat forecasts as well, helped by increased demand for its health-care products such as its N95 masks.

Verizon (VZ) – Verizon earned an adjusted $1.21 per share for the fourth quarter, 4 cents a share ahead of estimates. Revenue also topped analysts' forecasts. Verizon said it saw a smaller-than-expected increase in the number of paying phone subscribers.

Regeneron Pharmaceuticals (REGN), Eli Lilly (LLY) – Stocks of both drugmakers rose in premarket trading, after separately reporting positive results for their antibody combinations in treatment of Covid-19 patients.

Raytheon Technologies (RTX) – The defense contractor's stock is gaining ground in pre-market trading, after it reported adjusted quarterly earnings of 74 cents per share. That was 4 cents above estimates, with revenue also beating analyst projections. Raytheon's shares rose 2.6% in premarket trading.

Polaris (PII) – Polaris reported quarterly earnings of $3.34 per share, beating the $2.90 a share consensus estimate. The recreational vehicle maker's revenue also came in above Wall Street forecasts. Polaris said its North American retail sales were up 28% from a year earlier, led by strength in RVs, boats, motorcycles and snowmobiles. The company also gave a better-than-expected 2021 earnings forecast.

GameStop (GME) – The video game retailer's stock continues its wild swings, rising as much as 20% in premarket trading. The stock's value has more than quadrupled so far this year.

UBS (UBS) – UBS reported its best profit since 2006 during the fourth quarter, with the Zurich-based bank benefiting from a surge in trading volume as well as in lending to wealthy clients. UBS shares rose 1.8% in premarket trading.

Twitter (TWTR) – Twitter permanently suspended the account of MyPillow CEO Mike Lindell, after what the company said was repeated violations of its policy on spreading election misinformation. The company's shares rose 1.1% in the premarket.

Apple (AAPL) – Apple hardware engineering chief Dan Riccio is leaving that job to oversee an unnamed new project for the company.

AstraZeneca (AZN) – AstraZeneca denied reports that its Covid-19 vaccine was less effective in older patients. German newspaper Handlesblatt had reported that the vaccine had an efficacy rate of 8% in patients 65 and older, while another paper – Bild – said the efficacy rate for those patients was 10%. AstraZeneca described those reports as "completely incorrect."

IAC/InterActiveCorp (IAC) – IAC's Vimeo video platform raised $300 million in a new funding round that values the business at $5 billion, up from a valuation of $2.75 billion in November. Its shares rose 1.1% in the premarket.

Novartis (NVS) – Novartis issued a cautious 2021 outlook, with the drugmaker noting the impact of regulatory delays for potential blockbuster drugs Leqvio and Zolgensma. The drugmaker's shares fell 3.8% in premarket trading.

CureVac (CVAC) – CureVac announced a 5 million share sale to help fund its messenger RNA vaccine program. The German biotech firm is currently starting late-stage trials for its Covid-19 vaccine candidate. CureVac's shares fell 2.4% in the premarket.