Before the bell, take a look at the businesses making news.
Wyndham Hotels & Resorts, Choice Hotels — Following Choice Hotels’ proposal to acquire Wyndham Hotels & Resorts for $90 per share, valuing Wyndham at about $7.8 billion, Wyndham’s stock fell 2.3%. On hearing of the offer, Wyndham’s stock increased 15%.
Bank of America – The bank increased 1% in premarket trading after third-quarter results beat Wall Street forecasts. BofA, situated in Charlotte, North Carolina, reported 90 cents in earnings per share on $25.32 billion in revenue. Analysts polled by LSEG, formerly Refinitiv, expected 82 cents in earnings on $25.14 billion in revenue. Additionally, Bank of America reiterated its forecast for net interest income for the entire year.
Shares of Bank of New York Mellon increased 1.1% before the bell on Tuesday after the trust bank outperformed Wall Street forecasts in the third quarter. In the most recent quarter, Bank of New York Mellon outperformed analysts’ predictions by earning $1.22 per share on $4.37 billion in revenue. According to LSEG’s consensus projections, earnings per share and revenue came to $1.15 and $4.33 billion, respectively.
Dollar Tree – Following a move from neutral to buy from Goldman Sachs, the shares of the discount retailer increased by more than 2%. The investment bank likes DLTR’s attractive price and believes that its earnings have room to increase significantly. A 2.4% increase on light volume was made by Ollie’s Bargain Outlet, which was also upgraded to buy at Goldman.
After the Wall Street Journal revealed that activist investor Starboard Value had amassed a holding of more than 5% in the company, shares of Fortrea Holdings increased by more than 6% before the stock market opened.
John & Johnson — After the international manufacturer of drugs and medical equipment beat analyst expectations for third-quarter earnings and sales, its stock price increased by about 2%. J&J reported adjusted earnings per share of $2.66 on revenue of $21.35 billion, while analysts surveyed by LSEG had expected adjusted earnings per share of $2.52 and revenue of $21.04 billion, respectively.
Source (CNBC)
