JPMorgan Up, Wells Fargo Down in Premarket on Mixed Q4

GameStop (NYSE:GME) stock was down 12.9% at a four-month low after reporting late Thursday that sales in the nine-week holiday season fell 28% from a year earlier. Comparable sales were down 25%. The company also forecast a loss for the current fiscal year, when it reports at the end of March.

 

  • 8:40 AM ET: Aecom Technology (NYSE:ACM) stock was up 4.1% at a new all-time high after a Bloomberg report saying that Canadian professional services company WSP Global had approached it about a deal.

 

8:32 AM ET: Citigroup (NYSE:C) stock was up 0.5% after its fourth-quarter revenue and earnings came in 3% ahead of expectations. The results were driven by a 49% rise in fixed-income trading revenue in the quarter. The bank’s global consumer division also posted an $8.5 billion increase in revenue.

8:27 AM ET: Microsoft (NASDAQ:MSFT) stock was down 0.1% after reports that Amazon.com (NASDAQ:AMZN) is seeking a court order to block it from working on a $10 billion Cloud computing contract from the Pentagon.

According to Reuters, who cited a court filing, Amazon (NASDAQ:AMZN) plans to file a motion for a temporary restraining order on Jan. 24 and a federal court will issue its decision on Feb. 11.

8:21 AM ET: Beyond Meat (NASDAQ:BYND) rose another 10.3%, extending a rally that has already seen it rise 50% since the end of last year.

There’s been no single catalyst for the increase, but a number of analysts have flagged what they see as an inevitable march toward mainstream status for plant-based meat alternatives in their outlooks for 2020.

The stock is still over 50% below where it peaked in the euphoria after its IPO last year.

8:17 AM ET: Visa (NYSE:V) stock was up 0.2%, on course for a fifth straight record high, after announcing the acquisition of fintech startup Plaid for $5.3 billion. The acquisition reflects the company’s efforts to ensure that its dominant position in global payments today isn’t eroded by new technologies that bypass cards.

 

  • 8:10 AM ET: JPMorgan Chase (NYSE:JPM) stock was 1.1% higher, coming back off earlier highs, after convincingly beating forecasts for fourth-quarter revenue and earnings. Earnings per share rose nearly 30% on the year, a comparison flattered by volatility in global markets at the end of 2018, but 8% annual growth in consumer loans showed the bank’s core business was still going strong.
  • Wells Fargo (NYSE:WFC) stock was down 2.8% after missing expectations on both top and bottom lines, as litigation-related expenses drove it to an operating loss. Income from the bank’s core business also fell in the fourth quarter, while risk provisioning rose.
  • Delta Air Lines (NYSE:DAL) stock was up 3.4% after strong demand for travel and lower fuel costs helped it to beat forecasts for fourth-quarter earnings per share by over 20%. The company has escaped disruption to its schedules by virtue of not having the grounded Boeing (NYSE:BA) 737 MAX in its fleet. However, the midpoint of its earnings guidance range for 2020 – $7.25 a share – represents a slight drop from 2019’s $7.31.StockMarket
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