Goldman Sachs (GS) – Goldman earned $12.08 per share for the fourth quarter, well above the consensus estimate of $7.47 a share. Revenue also came in above analysts’ forecasts, helped by strong bond trading and underwriting performances. Goldman shares rose 2% in premarket trading as of 7:40 a.m. ET.
Bank of America (BAC) – The bank reported quarterly profit of 59 cents per share, 4 cents a share above estimates. Revenue was short of Wall Street forecasts, however. The bottom line was helped by strength in the company’s trading business. Separately, BofA announced the authorization of $3.2 billion in share buybacks, as well as maintaining its quarterly dividend at 18 cents per share. The company’s shares slipped 1.2% in the premarket.
General Electric (GE) – General Electric said it was proposing to freeze pension benefits for 2,800 employees in the U.K. GE’s U.K. pension benefit obligation stood at about $14 billion at the end of 2020. The company’s shares rose 1.4% in premarket trading.
Halliburton (HAL) – The oilfield services company’s quarterly results came in 3 cents a share above estimates, with profit of 18 cents per share. Revenue beat forecasts as well, helped by cost cuts and a rebound in demand thanks to an increase in oil prices. Halliburton’s shares climbed 2.4% in the premarket.
Comerica (CMA) – Comerica reported quarterly earnings of $1.49 per share, beating consensus estimates by 30 cents a share. Revenue also came in above Wall Street forecasts. Loan and deposit growth helped offset lower interest rates and an increase in credit reserves.
American Express (AXP) – The financial services giant received a double upgrade at JPMorgan Chase, which raised the rating to “overweight” from “underweight.” JPMorgan said a number of factors will help American Express, including pent-up demand for leisure travel in the second half of the year. The company’s shares rose 1.5% in premarket trading.
Lumentum (LITE) – Lumentum is buying rival laser maker Coherent (COHR) for $5.7 billion in cash and stock. Coherent shareholders will get $100 in cash and 1.1851 Lumentum shares for each share they now hold. Lumentum shares sank 8.7%, while Coherent shares surged 32% in the premarket.
E.W. Scripps (SSP) – Scripps jumped 10% in premarket trading, following a Securities and Exchange Commission filing indicating that Berkshire Hathaway (BRK.B) had received warrants that give it the right to buy 23 million shares at $13 apiece. The warrants are part of a deal announced in September, in which the media company used money from Berkshire to help finance its $2.65 billion acquisition of ION Media.
Logitech (LOGI) – Logitech raised its annual forecast, following a quarter that saw its adjusted operating income nearly triple from a year earlier. Logitech continues to benefit from the pandemic-induced increase in employees working from home, which is boosting demand for keyboards, mice and other computer peripherals. The company’s shares rose 3.7% in the premarket. Logitech CEO Bracken Darrell will appear on CNBC’s “Mad Money” at 6 p.m. ET.
PPG Industries (PPG) – PPG now has competition for its effort to buy Finland-based paint maker Tikkurila. Dutch paint company Akzo Nobel – which PPG unsuccessfully tried to buy last year – is bidding $1.7 billion for Tikkurila, 13% higher than PPG agreed to pay two weeks ago.
Stellantis (STLA) – Stellantis has made its debut, taking on a new name following the completion of the merger between automakers Fiat Chrysler and Peugeot parent PSA Groupe.
Capital One (COF) – The bank was fined $390 million by the Treasury Department for what the government is calling “willful and negligent” violations of anti-money laundering laws. The department’s FinCEN unit said thousands of suspicious transactions went unreported between 2008 and 2014.
Tesla (TSLA) – Tesla delivered its first China-made Model Y crossover vehicle Monday, as Tesla seeks more inroads in the China market.
Boeing (BA) – Canada will lift a ban on Boeing’s 737 Max jet Wednesday, joining other countries allowing the jet to return to service after a nearly two-year grounding.