Before the bell, take a look at the businesses that are in the news.
Morgan Stanley — Despite the bank’s impressive success in trading and investment banking, the stock of the company dropped more than 2% in premarket trading. The firm’s second-quarter earnings above Wall Street projections.
EPAM Systems — Following Jefferies’ recommendation to buy from hold, the software engineering services company’s shares increased somewhat. The company pointed to an undervalued AI opportunity, a valuation and earnings trough.
Dollar Tree – Following a downgrade from overweight to neutral at Piper Sandler, shares of the bargain retailer fell more than 1%. The investment group claimed that Dollar Tree will suffer from the policies put forth by both the Donald Trump and Joe Biden campaigns.
The notorious Charles Schwab The company’s second-quarter earnings caused the stock to drop by more than 3%. FactSet reports that adjusted earnings of 73 cents per share on $4.69 billion in revenue barely above analysts’ projections of 72 cents per share on $4.68 billion in revenue. Nevertheless, net interest margin was lacking.
America’s Bank After the bank released financial results for the second quarter that above forecasts, shares increased by almost 1%. LSEG’s poll of analysts predicted 80 cents in earnings per share, while actual earnings were only 83 cents. The revenue figure of $25.54 billion exceeded the consensus expectation of $25.22 billion.
United Health Care — Following the presentation of second quarter earnings that exceeded expectations, shares saw a small increase. With some exclusions, the massive health insurance company made $6.80 per share on revenue of $98.86 billion. On $98.84 billion in revenue, analysts projected a $6.66 per share profit.
Shopify: The online retailer saw a gain of over 3% as Bank of America upgraded its shares to buy from neutral, noting strong growth in revenue and solid margin expansion.
Match Group’s stock increased 7% following reports that activist investor Starboard Value has invested about 6.5% of the company. The online dating service is being urged by Starboard to increase its revenue and growth or to think about going private.
Group PNC Financial Services — The regional bank reported second-quarter revenue of $5.41 billion, in line with an LSEG consensus projection, although shares remained unchanged following the announcement.
Source (CNBC)
