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US Premarket: Apple, Meta, Splunk and other stocks making biggest moves

  • Apple gained 1.4% after Morgan Stanley named it a “top pick”
  • Bank of America added 3.1% after exceeding top and bottom line estimates
  • Bank of NY Mellon surged 4.4% after a better-than-expected quarterly earnings report

Written by:Devanshu
Published: October 17, 2022 01:39:28

Apple (AAPL)

Apple gained 1.4% in premarket trading after Morgan Stanley
named it a “top pick” for its ability to survive an economic slowdown.

Meta Platforms (META)

Meta jumped 1.6% in premarket action after the tech giant
fell short of its goals for its flagship metaverse product “Horizon Worlds”,
according to a report by the Wall Street Journal. The product has less than
200,000 monthly active users, as against an initial target of 500,000 by the
end of this year and a revised year-end target of 280,000.

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Splunk (SPLK)

Splunk rallied 9.1% in premarket action after a Wall Street
Journal report that activist investor Starboard Value holds just under a 5%
stake in the software company.

Bank of America (BAC)

Bank of America added 3.1% in premarket action after exceeding top and bottom line estimates in its third-quarter earnings report. Results were boosted by an increase in net interest income.

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Continental Resources (CLR)

Continental jumped 8.6% in premarket trading after reports
that Chairman and founder Harold Hamm and his family will acquire the shares of
the energy producer that they don’t already own for $74.28 per share. The deal
is not dependent on any financing and is expected to settle before the end of
the year.

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Bank of NY Mellon (BK)

The bank’s shares surged 4.4% in the premarket after a
better-than-expected quarterly earnings report. Net interest revenue grew 44%
from a year-ago period during the third quarter.

News Corp. (NWSA)

News Corp. rallied 3.5% in the premarket and Fox Corp fell
4.1%. Rupert Murdoch’s media companies have both formed special committees to
consider remerging the two media companies, which separated in 2013.

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Goldman Sachs (GS)

Goldman rose 1% in premarket trading as it plans to combine
its various businesses into three divisions in a significant reorganization,
according to the Wall Street Journal. One unit will handle investment banking
and trading, second unit will house asset and wealth management, with
transaction banking in a third division.

Archaea Energy (LFG)

Shares of the natural gas producer surged 51.1% in
premarket action after agreeing to be acquired by BP for $26 per share. BP
added 2.2%.

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Credit Suisse (CS)

Credit Suisse surged 3.2% in premarket trading after the
Financial Times reported that the company is ready to sell parts of its Swiss
domestic bank to raise capital.

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