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Stocks making the biggest moves premarket: UNH, MS, LYV
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2 weeks agoon
Check out the companies making headlines before the bell. UnitedHealth — Shares popped roughly 7% after the healthcare giant posted better-than-expected revenue in its first-quarter results on Tuesday, with growth of close to 9% from $91.9 billion in the same period last year. UnitedHealth reported adjusted earnings of $6.91 per share on revenue of $99.8 billion for the quarter, while analysts surveyed by LSEG expected earnings of $6.61 per share on revenue of $99.3 billion. Morgan Stanley — Shares added 3.2% after Morgan Stanley topped first-quarter expectations on wealth management, trading and advisory results. The company reported earnings of $2.02 a share, while analysts polled by LSEG had called for $1.66 a share. Revenue came out at $15.14 billion for the period, surpassing analysts expectations of $14.41 billion. Live Nation Entertainment — Shares plunged 9.6% after the Wall Street Journal reported that the Justice Department is preparing to file an antitrust lawsuit against the Ticketmaster parent company in the coming weeks. Johnson & Johnson — The stock fell slightly even after the pharmaceutical giant topped quarterly earnings expectations and benefitted from a jump in medical device sales. Revenue came in at $21.38 billion, roughly in line with the $21.4 billion expected by analysts polled by LSEG. Bank of America – The U.S. banking giant reported first-quarter earnings of an adjusted 83 cents a share adjusted, topping analysts’ estimates of 76 cents per share, according to LSEG. Revenue of $25.98 billion was in line with expectations of $25.46 billion. The shares were little changed in premarket trading. International Paper — Shares gained nearly 2% after the company, which produces packaging and other fiber-based products, agreed to buy British packaging company DS Smith in a $7.2 billion all-stock deal. Tesla — Shares fell 2.7%, continuing the electric vehicle company’s slide after an internal memo Monday said Tesla is planning to lay off more than 10% of its global workforce . “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” CEO Elon Musk wrote aid in the memo. Two senior Tesla executives also announced Monday that they are leaving the company. — CNBC’s Samantha Subin, Tanaya Macheel and Michelle Fox Theobald contributed reporting.
