Stocks making the biggest moves in the premarket: JPMorgan, Virgin Galactic, Tesla and more
Check out the companies making the biggest moves in the premarket:
JPMorgan — The bank reported fourth-quarter earnings and revenue before the bell that topped Wall Street expectations. However, it said a mild recession is now the "central case." JPMorgan slid nearly 3% in permarket trading.
Lockheed Martin — Goldman Sachs downgraded the defense contractor to sell from neutral and cut its price target by $56 to $332. The Wall Street firm noted that the company is vulnerable to any changes in government budgets. Lockheed Martin tumbled more than 3% in the premarket.
Virgin Galactic Holdings — The space tourism company surged nearly 16% after it said it was on track for a commercial launch in the second quarter of 2023.
Wells Fargo — The bank slid nearly 4% after reporting shrinking profits, weighted down by a recent settlement and the need to build-up reserves.
Delta Air Lines — The airline reported fourth quarter profit and revenue before the bell that beat expectations. Its adjusted earnings per share came in at $1.48 versus a Refinitiv estimate of $1.33. Delta was down 4.5% in premarket trading.
American Airlines — A day after gaining nearly 10% on an earnings beat, the airline was down about 2% in the premarket.
Tesla — The electric-vehicle maker slid nearly 6% in the premarket after it was downgraded by Guggenheim to sell from neutral over concerns with Tesla's fourth-quarter estimates. Tesla also cut prices in the U.S. and Europe again, according to listings on the company's website Thursday night. The stock lost 65% in 2022.
Bank of America - The bank reported earnings per share of 85 cents last quarter, above the 77 cents a share expected by analysts, per Refinitiv. Revenue also beat expectations. However the bank's net interest income fell slightly below expectations despite jumping interest rates. Bank of America was down 2.8% early trading.
Salesforce — The software company slid 1.4% in the premarket after being downgraded by Atlantic Equities to neutral from overweight. The Wall Street firm cited execution concerns, management exodus and slower-than-expected revenue growth.
Caterpillar — Bank of America upgraded Caterpillar to buy from neutral, saying the company has an underappreciated roadmap that can drive outperformance. Caterpillar was relatively flat in the premarket.
Logitech International -- The keyboard and mouse maker continued to slide in the premarket, down nearly 5%. The move comes a day after Logitech lost 16% on the announcement that preliminary results showed declining sales and earnings. Deutsche Bank downgraded the shares Friday.
—CNBC's Alex Harring, Yun Li and Michael Bloom contributed reporting.