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Find out which companies are making the headlines before the bell:
Morgan Stanley (MS) – Morgan Stanley broke estimates by 20 cents with second quarter earnings of $ 1.85 per share, while earnings also beat expectations, helped by an acceleration in banking activity from investment. Despite the pace, Morgan Stanley shares fell 1.6% pre-market.
American International Group (AIG) – AIG shares jumped 5% in pre-market trading after announcing a deal to sell a 9.9% stake in its life insurance and retirement services business to Blackstone (BX) for $ 2.2 billion. The deal also calls for Blackstone to manage an initial $ 50 billion in assets backed by AIG’s life insurance policies and annuities, growing to around $ 100 billion over the next six years.
AMC Entertainment (AMC) – AMC fell another 6.2% in pre-market after shares of the theater operator fell for the fourth day in a row and the eighth time in nine sessions on Wednesday. The slippage was capped by a 15% drop in yesterday’s session, bringing its total loss over that period to around 41%.
UnitedHealth Group (UNH) – The health insurer saw its second quarter profit fall by more than a third from a year ago, as consumers resumed elective medical care they had postponed due to of the pandemic. However, UnitedHealth topped estimates on upper and lower earnings, earning adjusted $ 4.70 per share against a consensus estimate of $ 4.43.
Bank of NY Mellon (BK) – The Bank of NY Mellon topped estimates by 13 cents with quarterly profit of $ 1.13 per share and earnings also exceeding estimates. Its board of directors also re-authorized the repurchase of common shares of up to $ 6 billion.
Truist Financial (TFC) – The bank resulting from the 2019 merger of SunTrust and BB&T reported adjusted quarterly earnings of $ 1.55 per share, beating the consensus estimate of $ 1.19, while revenue also exceeded Wall Street forecasts. The results were helped by high commissions and income from wealth management, among other factors.
US Bancorp (USB) – US Bancorp gained $ 1.28 a share for the second quarter, 14 cents above estimates, with earnings also exceeding estimates. Its results were driven by an improving economy which helped increase credit and debit card revenues and enabled it to reduce its allowance for credit losses.
Norton LifeLock (NLOK) – Norton LifeLock is in talks to buy another cybersecurity company Avast, in a deal that would expand Norton’s presence in consumer software. Avast said the two sides are in advanced talks on a possible cash and stock deal. Norton LifeLock fell 2.6% in pre-market.
Johnson & Johnson (JNJ) – Johnson & Johnson is recalling certain lots of its Neutrogena and Aveeno spray sunscreen products after the discovery of benzene in certain samples. Johnson & Johnson said benzene – which has the potential to cause cancer – is not used in the manufacture of products and that it is studying how it has ended up in some products. Shares fell 1% in the pre-market.
General Motors (GM) – NHSTA has urged owners of around 50,000 Chevy Bolts to park outside after charging electric vehicles, due to fire hazards. GM, which makes the Bolt, issued a similar warning earlier today regarding 2017 through 2019 model year vehicles.
Netflix (NFLX) – Netflix has hired former Facebook executive Mike Verdu to lead its video game business, as it steps up efforts to grow beyond its flagship video streaming business. The stock rose 1.8% in pre-market.
Beyond Meat (BYND) – Beyond Meat has opened an online store in China on the e-commerce platform JD.com (JD), as it tries to increase sales of its plant-based meat substitutes in this country.
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