Stocks making the biggest moves premarket: UnitedHealth, Morgan Stanley, Target, Southwest & more
Check out the companies making headlines in premarket trading. UnitedHealth Group – Shares dropped more than 3% after the company’s fourth-quarter revenue came in below Wall Street’s expectations. UnitedHealth posted $100.81 billion for the top line, while analysts surveyed by LSEG were expecting $101.76 billion. Earnings, however, beat the Street’s estimates. Morgan Stanley — The bank gained 1% after its fourth-quarter results surpassed Wall Street estimates, aided by a 29% gain in investment banking throughout the quarter. Morgan Stanley reported earnings per share of $2.22 on revenue of $16.22 billion, while analysts polled by LSEG forecast $1.70 per share and $15.03 billion. Target — The retailer traded along the flatline after the company raised its fourth-quarter sales guidance. Target expects comparable store sales to increase by 1.5% in the fourth quarter, while a previous forecast called for the figure to remain roughly flat. Southwest — The airline’s stock dropped 2% in the wake of a downgrade to sell from neutral by Citi. The bank said Southwest has seen its earnings quality and free cash flow conversion worsen compared with before the pandemic. Taiwan Semiconductor Manufacturing — The chipmaker gained 4% after issuing higher-than-expected revenue guidance for the current quarter. The firm now forecasts revenue in between $25 billion to $25.8 billion, while analysts polled by FactSet expected $24.6 billion. US Bancorp — The Minneapolis-based bank fell 2.9% after reporting mixed fourth-quarter results. US Bancorp’s $1.07 in adjusted earnings per share was 2 cents above analyst an LSEG consensus estimate. However, net interest margin of 2.71% was a tick below a FactSet forecast of 2.72%. Bank of America — The bank reported fourth-quarter results that topped expectations. Earnings came in at 82 cents per share on $25.5 billion in revenue. Analysts polled by LSEG were expecting earnings of 77 cents a share on $25.19 in revenue. Shares were flat. DuPont De Nemours — Shares were flat after the chemicals maker said it would no longer spin off its water division, but instead accelerate the separation of its electronic business. DuPont previously had plans to split into three publicly traded companies. Sezzle — The fintech stock surged 26% after the fintech company updated its guidance . Sezzle said it expects revenue for the full year to surpass its prior forecast that called for 55% growth. — CNBC’s Michelle Fox, Jesse Pound, Pia Singh, Alex Harring and Sean Conlon contributed reporting.
