Bank of America, Goldman Sachs, Coherent – Tuesday’s Premarket Movers
Stock futures rose Tuesday as Janet Yellen, President-elect Joe Biden’s nominee for the Treasury Department, is expected to tell lawmakers that they must support higher government spending to save the US economy.
Here are some of the top movers during Tuesday’s premarket trading.
1. Bank of America BAC | 1.24% decrease
Bank of America stocks (BAC) – Get the report fell early Tuesday after posting a fourth quarter result that exceeded analysts’ expectations but missed sales target.
Bank of America reported earnings of 59 cents per share of sales of $ 20.1 billion, compared to analyst estimates of 55 cents per share and sales of $ 20.7 billion.
“In the fourth quarter we saw higher net interest income, higher consumer revenue, record asset management fees, strong results from our global market teams and a stronger balance sheet,” CEO Brian Moynihan said in a statement.
2. Goldman Sachs GS | Plus 2.48%
Goldman Sachs shares (GS) – Get the report rose Tuesday after generating fourth-quarter profits that exceeded Wall Street estimates, in part due to an increase in investment banking revenues and lower bad debt provisions.
Goldman Sachs reported earnings of $ 12.08 per share of sales of $ 11.74 billion, compared to estimates of earnings of $ 7.45 per share and sales of $ 9.99 billion.
The stock is up 46.3% in the past three months through Friday.
3. Coherent COHR | Plus 33.81%
Coherent shares (COHR) – Get the report rose in premarket trading on Tuesday, according to Lumentum Holdings (LITE) – Get the report agreed to buy the laser maker in a cash-and-stock deal valued at $ 5.7 billion.
Upon closing, the coherent shareholders are expected to own approximately 27% of the combined company. The deal brings together two companies whose photonics and laser products are used in all areas, from laser eye surgery to chip manufacturing, OLED displays and 3D sensors to 5G network functions.
4. Western Union WU | Plus 6.75%
Western Union stocks (WU) – Get the report rose Tuesday after the money moving company announced that its money transfer services would be available at Walmart (WMT) – Get the report Locations nationwide.
5. Halliburton HAL | Plus 2.27%
Halliburton stocks (THING) – Get the report rose after the oil major reported fourth quarter earnings and sales that exceeded analysts’ expectations.
Halliburton reported adjusted earnings of 18 cents per share of sales of $ 3.24 billion, compared to estimates of adjusted earnings of 15 cents per share and sales of $ 3.21 billion.
6. Netflix NFLX | Plus 1.01%
Shares of Netflix (NFLX) – Get the report rose on Tuesday ahead of its quarterly earnings report.
Netflix is projected to post adjusted net income of $ 707.1 million, or $ 1.35 per share on revenue of $ 6.6 billion, after the market closes on Tuesday.