Here’s a look at the biggest movers in premarket trading: Wells Fargo — Shares fell 6% after the bank reported second-quarter net interest income of $11.92 billion, down 9% from a year ago. Analysts surveyed by FactSet had expected net interest income to be $12.12 billion. Wells Fargo also reiterated its full-year outlook for net interest income to fall 7% to 9%. JPMorgan Chase — The bank fell 1.6% despite second-quarter earnings beating expectations. Revenue of $50.99 billion fell short of the $49.87 billion expected by analysts surveyed by LSEG. Earnings per share of $4.40 may have fallen short of the consensus estimate of $4.19 per share. The stock is already up nearly 22% this year. Tesla — Shares fell 1.2%, following an 8.4% drop the previous day. UBS downgraded the stock to sell from neutral on Friday, a day after reports that Tesla’s robotaxi event has been postponed from August to October. Bloomberg News reported Thursday, citing people familiar with the matter, that the delay will give the team more time to build prototypes. AT&T — Communications shares fell more than 2% after the company revealed that customer data had been illegally downloaded from a third-party platform. AT&T said the data included nearly all of its customers’ call and text records for six months of 2022. Carvana — Shares of the used-car seller rose 1.3% after BTIG initiated coverage of the stock with a buy recommendation. The firm said it believes Carvana is uniquely positioned relative to its peers and that investors “shouldn’t miss out on the opportunity.” Fastenal — Industrial stocks rose 2.2% after Fastenal reported second-quarter revenue of $1.92 billion, beating the FactSet consensus estimate of $1.91 billion. Earnings per share of 51 cents were in line with expectations. — CNBC’s Sarah Ming, Jesse Pound and Pia Singh contributed to the report.
WFC, JPM, TSLA, CVNA, etc.
