Top Stories in Premarket Trading
UnitedHealth Group
Shares of UnitedHealth Group dropped over 3% in premarket trading after the company’s fourth-quarter revenue fell short of Wall Street’s expectations. While earnings beat estimates, the top line came in at $100.81 billion, below the anticipated $101.76 billion.
Morgan Stanley
Morgan Stanley saw a 1% gain after surpassing Wall Street estimates in its fourth-quarter results, with a 29% increase in investment banking. The bank reported earnings per share of $2.22 on revenue of $16.22 billion, exceeding analyst forecasts.
Target
Retailer Target traded flat after raising its fourth-quarter sales guidance, expecting a 1.5% increase in comparable store sales compared to the previous forecast of remaining flat.
Southwest
Southwest Airlines’ stock dipped 2% following a downgrade by Citi from neutral to sell, citing deteriorating earnings quality and free cash flow conversion post-pandemic.
Taiwan Semiconductor Manufacturing
Chipmaker Taiwan Semiconductor Manufacturing gained 4% after providing higher-than-expected revenue guidance for the current quarter, forecasting revenue between $25 billion to $25.8 billion.
US Bancorp
Minneapolis-based US Bancorp fell 2.9% after reporting mixed fourth-quarter results, with adjusted earnings per share slightly above estimates but a net interest margin below expectations.
Bank of America
Bank of America reported fourth-quarter results exceeding expectations, with earnings of 82 cents per share on $25.5 billion in revenue, in contrast to analyst forecasts.
DuPont De Nemours
DuPont De Nemours’ shares remained flat as the chemicals maker announced a change in plans to accelerate the separation of its electronic business instead of spinning off its water division.
Sezzle
Fintech stock Sezzle surged 26% after updating its guidance to expect revenue growth surpassing the prior 55% forecast for the full year.