Before the bell rings, know about the companies that make headlines:
UnitedHealth (UNH) — Health insurers’ share of the market rose 2.2% after surpassing top and bottom in the third quarter and raising full-year earnings forecasts. Backed by higher revenue in the Optum Pharmaceutical Benefits segment, UnitedHealth earned $4.52 per share, 11 cents higher than the consensus.
Bank of America (BAC) — Bank of America shares rose 2.8% in pre-market trading after reporting a profit of 85 cents per share in the third quarter. This compares to a 71-percent consensus estimate and higher-than-expected revenue. This is partly due to double-digit growth in net interest income.
Wells Fargo (WFC) — Wells Fargo reported adjusted quarterly earnings of $1.22 per share, higher than the 99-cent consensus forecast, but earnings also exceeded expectations. Wells Fargo’s results were helped by releasing reserve funds to cover bad debts. Inventory was added 1.2% before marketing.
Walgreens Boots Alliance (WBA) — Shares of Walgreens rose 2.4% in front of the market, as adjusted quarterly earnings of $1.17 per share were 15 cents higher than expected. Revenue also exceeded consensus estimates, with results supported by growth in sales of COVID-19 vaccines, domestic COVID test sales, and growth in cold and flu product sales.
Morgan Stanley (MS) — Morgan Stanley beat estimates by more than 30 cents in third-quarter earnings per share of $1.98, but revenue also exceeded the Street’s expectations. The investment company said its earnings reflect strong performance across all business segments. Morgan Stanley increased pre-marketing behavior by 1.5%.
Caterpillar (CAT) – Heavy equipment makers say Cohen has achieved Caterpillar’s “megacycle” for the first time in 14 years after launching coverage at the “outperform” rating bottom, up 1.2% in pre-marketing behavior Is.
Taiwan Semiconductor (TSM) – Chip makers reported third-quarter profit was 13.8% higher than expected, driven by increased global demand for chips and slashed prices. Stock prices rose 3.8% in front of the market.
Shopify (SHOP) – Shopify has partnered with Microsoft (MSFT), Oracle (ORCL) and other cloud providers to help streamline your business. Various tools from these providers will be integrated into the customer platform of Canadian e-commerce companies.
Avis Budget (CAR) – Avis Budget has been downgraded from “equivalent weight” to “underweight” at Morgan Stanley due to a number of factors, including ratings. The share of car rental companies has grown five-fold in the past 12 months, and Morgan Stanley thinks the Avis budget is in peak circular revenue. Pre-market stock prices fell 4.3%.
UPS – UPS has been upgraded from hold by Stifel Financial to buy because of its continued focus on valuation, long-term e-commerce volume growth, and yield management. Stifel has also raised its share price target to $224 per share. This represents a potential 22% increase from current levels. UPS increased pre-market transactions by 2.6 per cent.