US Premarket: Pinterest, Wells Fargo and other stocks making biggest moves
Pinterest's share price surged 15.9% in premarket trading
BlackRock fell 1% after it reported adjusted earnings of $7.90
UnitedHealth's quarterly earnings and revenue exceeded forecasts
Wells Fargo (WFC)
The stock fell 1% in premarket action after the bank reported quarterly earnings of 74 cents per share, which included an 8-cent equity impairment charge, against a consensus estimate of 80 cents. Revenue fell short of Wall Street forecasts during the quarter. Wells Fargo’s profit declined from a year ago as it reserved more money to cover possible bad loans.
Shares of the image-sharing company soared 15.9% in premarket trading after the Wall Street Journal reported that activist investor Elliot Management became a major stakeholder, accumulating a more than 9% stake.
Shares of the asset management firm fell 1% in the premarket after it reported adjusted earnings of $7.90, with revenue also falling short of forecasts. Profit declined 30% from a year ago amid the global market turmoil that discouraged investors.
Shares of the health insurance company rose 1.7% in the premarket after its quarterly earnings and revenue exceeded forecasts and raised its full-year outlook. United Health’s results were supported in part by a strong performance at its Optum health care services unit.
Rio Tinto (RIO)
The mining company’s shares declined 1.7% in premarket action after it warned that labor shortages in Australia would impact its second-quarter earnings.
Vertical Aerospace (EVTL)
The electric aviation vehicles maker’s stock surged 13.1% in premarket action after it announced a 50-vehicle order from European business jet operator FLYINGGROUP.
Stocks in solar-related companies fell in premarket trading after Democratic Sen. Joe Manchin said he would not support new climate change funding bills. Sunrun (RUN) fell 7.6%, SunPower (SPWR) shed 5%, SolarEdge Technologies (SEDG) declined 3.7% and First Solar (FSLR) slid 3.1%.