Tesla, Wells Fargo, JPMorgan, Citigroup – Friday’s Premarket Movers

Stock futures fell on Friday as President-elect Joe Biden unveiled a $ 1.9 trillion Covid-19 bailout package after major U.S. banks kicked off fourth-quarter earnings season.

Here are some of the top movers during Friday premarket trading.

1. JPMorgan Chase JPM | 1.71% decrease

JPMorgan Chase shares (JPM) – Get the report Premarket trading declined, although fourth quarter earnings exceeded analysts’ expectations.

JPMorgan reported earnings of $ 3.79 per share of revenue of $ 30.2 billion, compared to analyst estimates of a profit share of $ 2.62 per share of revenue of $ 28.7 billion.

Investment banking revenue increased 37% to $ 2.5 billion, driven by a 34% increase in investment banking fees, driven by higher product fees.

2. Tesla TSLA | 1.28% increase

Tesla shares (TSLA) – Get the report rose early Friday after Wedbush Securities analyst Daniel Ives raised his one-year price target for the electric vehicle maker from $ 751 to $ 950 to reflect growing global demand for electric vehicles, particularly in China.

“The hearts and lungs of the Tesla cop work are focused on China as consumer demand has skyrocketed through 2021 not only for Model 3 but also for formidable domestic competitors like NIO (NOK) – Get the report, XPeng (XPEV) – Get the report, Li Auto (IN THE) – Get the report and others, ”Ives said in a research report.

“As a result, we’ve significantly increased our projections with our expectations that Tesla will exceed the 1 million delivery threshold in 2022 and could reach 5 million deliveries per year by the end of the decade if global demand for electric vehicles continues at this rate.”

3. Wells Fargo WFC | 3.97% decrease

Wells Fargo shares (WFC) – Get the report fell Friday morning after the bank posted fourth-quarter profits that beat Wall Street estimates but missed sales target.

Wells Fargo reported earnings of 64 cents per share on sales of $ 17.93 billion, compared to analyst estimates of 58 cents per share and sales of $ 19.347 billion.

Wells Fargo said the results were still influenced by the unprecedented operating environment.

4. Citigroup C | 2.04% decrease

Citigroup shares (C.) – Get the report fell on Friday after the bank posted fourth-quarter profits that exceeded analysts’ expectations but dampened revenue growth.

Citigroup said earnings for the three months ended December were $ 2.09 per share, up 59.5% on an adjusted basis over the same period last year and well ahead of the Wall Street consensus forecast of 1.31 USD.

Consolidated revenue fell 10.3% to $ 16.5 billion, missing analysts’ estimates of $ 16.7 billion.

5. Progress software PRGS | 1.45% decrease

Stocks of Progress Software (PRGS) – Get the report fell on Friday after the company posted a quarterly profit and released a mixed outlook.

Two analysts have raised their price targets for the share.

6. PNC Financial Services PNC | 2.07% decrease

PNC Financial Services (PNC) – Get the report The stock traded lower on Friday despite better-than-expected fourth-quarter earnings.

PNC reported earnings of $ 1.44 billion, or $ 3.26 per share on sales of $ 4.2 billion, compared to estimates of earnings of $ 2.61 billion per share and sales of 4.14 Billion USD.

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