In the pre-market:
- U.S. stock futures were higher early Tuesday, pointing to a positive open as investors await earnings reports from some of the nation’s largest banks.
- JPMorgan (Symbol: JPM) shares jump after record trading revenue drives stronger-than-expected second quarter profit, Earnings of $1.38 a share, exceeding the $1.04 per share estimate of analysts, Revenue: $33 billion, compared with the $30.3 billion estimate, Shares of the New York-based lender jumped 4% in premarket trading.
- Tesla (symbol: TSLA) gave up a 16% gain and closed lower yesterday, Piper Sandler raised its price target on the stock to a Street-high $2,322 per share, citing faster-than-expected market share gains and an underappreciated opportunity in software. Pre-market trading 6.61% up at the price of 1596$.
- Delta (symbol: DAL) posts second-quarter net loss of $5.7 billion, biggest in more than a decade, driven by coronavirus, Delta’s revenue fell 88% from a year ago to $1.47 billion, slightly higher than analysts’ estimates and roughly in line with the carrier’s forecast for a 90% drop. On an adjusted per-share basis Delta lost $4.43, above the $4.07 per-share loss analysts forecast, trading 1% lower at 26.50$.
- Citigroup (Symbol: C) shares rise after bank reports better-than-expected earnings on strong trading results, Citigroup Tops Q2 Earnings Forecast On Trading Revenue Surge; Credit Loss Provision Rises to $7.9 Billion, Citigroup said profits for the three months ending in June were pegged at 50 cents per share, down 72.6% from last year but well ahead of the Street consensus forecast of 29 cents per share. Group revenues, Citigroup said, rose 5.3% to $19.77 billion, again topping analysts’ estimates of a $19.1 billion.
- Wells Fargo & Co (symbol: WFC) swung to a loss in the second quarter after setting aside $9.5 billion to cover potential loan losses due to the coronavirus pandemic, the bank said on Tuesday, The lender, which has been struggling to recover from a series of misspellings scandals, reported a net loss of $2.4 billion, or 66 cents per share, for the quarter ended June 30, compared with a profit of $6.2 billion, or $1.30 per share, in the year-earlier period, trading 3.7% lower at 24.47$.
- Casino stocks, such as Wynn Resorts (symbol: WYNN) and Las Vegas Sands (symbol: LVS), are up on the news that quarantine restrictions have been lifted for Macau, the world’s largest gambling hub.
- Alphabet (symbol: GOOGL) – According to a Bloomberg report, Alphabet’s Google unit is in advanced talks to invest $4 billion for a stake in Jio Platforms, the digital arm of India-based conglomerate Reliance Holdings. Facebook (symbol: FB) and KKR (symbol: KKR) are among prominent companies that have already invested in Jio.
- Nokia (Symbol: NOK) – The Finland-based telecom equipment maker introduced new software that allows mobile operators to upgrade their broadcasting stations to 5G from 4G without requiring a visit to their sites or replacing equipment.