Several companies were making headlines in premarket trading, with JPMorgan slipping 2.4% despite beating expectations and reporting lower credit costs, but cautioning that net interest income could fall short of analyst expectations in 2024. Wells Fargo saw its shares fluctuate after reporting first-quarter earnings, with a decline in net interest income. Citigroup, on the other hand, saw shares rise more than 2% after reporting revenue of $21.1 billion, higher than analysts’ expectations. BlackRock also advanced 2% after exceeding expectations with earnings per share of $9.81 on $4.73 billion in revenue.
Globe Life experienced a significant rebound of around 9% in extended trading following a sharp decline in the previous session after a report of insurance fraud allegations. Paramount, however, saw shares slip about 1% after proposing a reduction in its number of directors amidst reports of merger talks with Skydance. Mobileye’s shares gained 2% after an upgrade by Wolfe Research, citing decreased downside risk for the autonomous vehicle technology company. Gitlab also saw a 2.5% increase in shares following an upgrade to outperform, with expectations of growth and improved profitability.
On the other hand, Corteva’s shares pulled back 2.6% after a downgrade by JPMorgan to neutral from overweight, stating that the stock may not be attractive ahead of first-quarter earnings. Ciena’s shares dipped 1.3% after Citi initiated coverage with a sell rating, indicating that the AI opportunity for the networking systems company may be further out than expected. The firm’s $44 target price suggests a 7% downside from the previous day’s closing price of $47.10. Overall, these companies experienced various movements in premarket trading based on their financial performances and analyst assessments.
