U.S. stock futures rose amid a wave of earnings reports, including from major banks. Here’s what we’re watching before Thursday’s opening bell.
- Major banks including Morgan Stanley MS 0.81% and Citigroup C -0.54% are scheduled to report earnings before the open.
- Wells Fargo WFC -1.29% shares added 1% premarket after the bank reported a 59% rise in profit in the third quarter, boosted by a release of funds it had set aside for potential loan losses during the pandemic. Its revenue slipped 2% but still came above analysts’ estimates.
- Bank of America BAC -0.92% rose 2.8% after reporting earnings per share that beat analysts’ estimates. The bank released $1.1 billion of its reserve in the third quarter, citing asset quality improvements.
- UnitedHealth UNH 0.08% climbed 2.6% after raising its full-year guidance for earnings. It said its revenue growth was driven by higher insurance memberships.
- Walgreens Boots Alliance WBA -0.34% rose 2.4%. The pharmacy chain posted a profit jump and earnings per share that came above Wall Street’s estimates.
- Shares of United Parcel Service UPS 1.14% rose 2.5% premarket. An equity research analyst at Stifel raised their price target and rating on the stock.
- Fuel-cell company Plug Power PLUG 12.79% added 3.1%, extending Wednesday’s rally. The fuel-cell company said it would work with Airbus EADSY 0.40% to study the feasibility of bringing green hydrogen to aircraft and airports.
- Lordstown Motors RIDE 2.15% gained 2.7% premarket. The electric-truck startup hired a new finance chief in the wake of its recent liquidity problems.
- Online furniture retailer Wayfair W 0.51% slipped 3% following downgrades by equity research analysts at Jefferies and Morgan Stanley. The stock is down 2.8% this week so far.
- Aluminum producer Alcoa AA 1.30% ‘s shares added 2.7% premarket, as aluminum prices climbed. The company is also scheduled to report earnings after markets close.
Chart of the Day
- Since neither Hong Kong or Singapore has previously allowed them, SPACs sponsored by Asian investors flocked to the U.S. to raise money. Since the start of last year, 35 such SPACs have raised a total of $6.8 billion by going public on American stock exchanges, according to Dealogic. This may be about to change as the Asian finance hubs move forward with plans to allow SPAC listings.
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