Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Wells Fargo, Bank of America Fall Premarket; Goldman Sachs Rises

Published 2020-10-14, 07:59 a/m
Updated 2020-10-14, 08:00 a/m
© Reuters.

© Reuters.

By Peter Nurse 

Investing.com -- Stocks in focus in premarket trade on Wednesday, October 14th. Please refresh for updates.

  • Goldman Sachs (NYSE:GS) stock rose 2.5% after the banking giant reported a near doubling in quarterly profit, driven by a resurgence in deal-making and continued strength in its trading and underwriting businesses.

  • Wells Fargo (NYSE:WFC) stock fell 1.8% after the bank reported a third-quarter profit that was less than half what it was last year and was below expectations.

  • Bank of America (NYSE:BAC) stock fell 2.2% after it reported a drop in quarterly profit of almost 16%, hit by higher provisions for credit losses due to the Covid-19 pandemic. Both Wells and BofA suffered a drop of nearly 20% in income from their core lending businesses as interest margins compressed in the wake of the Federal Reserve's emergency rate cuts.

  • US Bancorp (NYSE:USB) stock rose 2% despite its third-quarter profit falling from the same period last year. The company's earnings per share came in at $0.99, above the $0.91 previously expected.

  • Allscripts Healthcare Solutions (NASDAQ:MDRX) stock soared 38% after the healthcare IT company said it was selling off its CarePort Health business to WellSky for $1.35 billion.

  • Bed Bath & Beyond (NASDAQ:BBBY) stock rose 5.9% after the retailer announced plans to sell several of its non-core assets, including its Christmas Tree Shops retail brand, its Linen Holdings unit, and a New Jersey distribution center. 

  • Netflix (NASDAQ:NFLX) stock rose 1.4% after the streaming media giant announced fresh plans to attract new subscribers, ending the ability of potential subscribers in the United States to test the service with a free trial.

  • Amazon (NASDAQ:AMZN) stock rose 0.3%, with the e-commerce giant’s key Prime Day running into its second day.  

  • Concho Resources (NYSE:CXO) stock soared 10% after Bloomberg reported that ConocoPhillips (NYSE:COP) was in talks to buy the company - a move which would represent a big bet on shale.

  • Pilgrims Pride (NASDAQ:PPC) stock rose 0.4% after the second-largest U.S. chicken processor said it had reached a deal with the U.S. Justice Department to resolve price-fixing charges, paying a fine of $110.5 million.

  • Six Flags (NYSE:SIX) stock rose 0.6% after the company announced plans to reduce costs by cutting its full-time workforce by about 10%, as it sees attendance in its amusement parks dwindle in the ongoing pandemic.

  • UnitedHealth (NYSE:UNH) stock rose 0.5% after the health care company reported third-quarter profit and revenue that beat expectations and raised its full-year outlook. 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.