Stock futures traded mixed Friday after the
S&P 500
crossed 4,500 and Wall Street awaited earnings from some of the largest U.S. banks.
These stocks were poised to make moves Friday:
JPMorgan Chase
(JPM) is expected by analysts to report second-quarter earnings of more than $12 billion, or $1.97 a share. Higher interest rates are anticipated to lead to a roughly 40% profit jump at the largest U.S. bank by assets Shares of
JPMorgan
were rising 1.3% in premarket trading.
Citigroup
(C) is forecast by Wall Street on Friday to report second-quarter earnings of $1.31 a share on revenue of $19.3 billion, down sharply from the year-earlier quarter when the bank earned $2.19 a share on revenue of $19.6 billion. Continued weakness in deal-making is expected to have weighed on the bank’s profits.
Citigroup
shares were up 0.2%.
Wells Fargo
(WFC) and
BlackRock
(BLK) are also scheduled to report quarterly earnings before the stock market opens Friday.
UnitedHealth
(UNH) was rising 2.9% after posting second-quarter earnings that beat analysts’ estimates and raising its 2023 earnings outlook.
Microsoft
(MSFT) gained 1.4% to $347.41 in premarket trading after the U.K.’s Competition and Markets Authority said it was extending by six weeks its review of the software giant’s acquisition of
Activision Blizzard
(ATVI). Separately,
Microsoft
was upgraded to Buy from Neutral at
UBS
and their price target on the stock was boosted to $400 from $345. The analysts cited, in part, artificial intelligence catalysts for the upgrade.
AT&T
(T) declined 1.7% to $14.87. Shares of
AT&T
were downgraded to Neutral from Overweight by analysts at J.P. Morgan. The price target on the stock was reduced to $17 from $22.
U.S.-listed shares of
Ericsson
(ERIC) were tumbling 8.9% after the Swedish telecommunications giant reported second-quarter adjusted operating profit that fell 62% from a year earlier on a sharp decline in networking-equipment sales.
American depositary receipts of Finnish telecommunications company
Nokia
(NOK) tumbled 9.4% after the company cut its 2023 sales forecast,
Nokia
(ticker: NOK) cut its sales outlook and narrowed its margin guidance on Friday, citing a weaker demand outlook in the second half of the year.
Roivant Sciences
(ROIV) jumped 10% in premarket trading after The Wall Street Journal reported the company was in talks to sell an experimental drug for treatment of ulcerative colitis and Crohn’s disease to
Roche Holding
in a deal that could be valued at more than $7 billion.
Write to Joe Woelfel at [email protected]
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