Check out the companies that make the headlines before the bell:
UnitedHealth (UNH)-The health insurance company’s share price rose 2.2% before the market after its top and bottom lines exceeded expectations in the third quarter and raised its full-year profit forecast. UnitedHealth’s earnings per share were $4.52, 11 cents higher than market expectations, thanks to the revenue growth of its Optum drug benefits division.
Bank of America (BAC)-Bank of America shares rose 2.8% in pre-market trading after reporting 85 cents per share earnings for the third quarter. In contrast, the 71-cent consensus and revenue also exceeded expectations, partly because net interest income increased by double digits.
Wells Fargo Bank (WFC)-Wells Fargo Bank reported adjusted quarterly earnings per share of $1.22, compared to the consensus estimate of 99 cents, and revenue was also higher than expected. Wells Fargo’s performance benefited from the release of funds reserved for repayment of non-performing loans. The stock rose 1.2% before the market.
Walgreens Boots Alliance (WBA)-Walgreens shares rose 2.4% before the market, with adjusted quarterly earnings of $1.17 per share, 15 cents higher than expected. Revenues also exceeded consensus expectations, as a result of which benefited from more Covid-19 vaccination and home Covid test sales, as well as increased sales of cold and flu products.
Morgan Stanley (MS)-Morgan Stanley earned $1.98 per share in the third quarter, beating expectations by 30 cents, and revenue also exceeded Wall Street expectations. The investment company said its bottom line reflects the strong performance of all its business units. Morgan Stanley rose 1.5% in premarket trading.
Caterpillar (CAT) – After Cowen began reporting with an “outperform” rating, the heavy equipment manufacturer rose 1.2% in pre-market action, saying it believes that Caterpillar has a “super cycle” for the first time in 14 years “.
Taiwan Semiconductor Manufacturing Company (TSM)-The chip maker reported a 13.8% profit growth in the third quarter, better than expected, thanks to the surge in global chip demand and shortages that pushed up prices. The stock price rose 3.8% before the market.
Shopify (SHOP) – Shopify works with Microsoft (MSFT), Oracle (ORCL) and other cloud providers to help companies simplify operations. The various tools of these suppliers will now be integrated into the platform provided by the Canadian e-commerce company for its customers.
Avis Budget (CAR)-Morgan Stanley downgraded the rating of Avis Budget from “equal weight” to “underweight” due to multiple factors including valuation. The car rental company’s share price has risen fivefold in the past 12 months, and Morgan Stanley believes that Avis Budget is at the peak of its cyclical earnings. The stock fell 4.3% before the market.
UPS (UPS)-UPS’s rating at Stifel Financial has been upgraded from “hold” to “buy”, citing valuation, long-term sales growth in e-commerce, and continued focus on revenue management. Stifel also raised the target price of the stock to $224 per share, which may be 22% higher than the current level. UPS rose 2.6% in pre-market trading.