Here are some of the companies making headlines before the bell:
- Bank of America – Shares of Bank of America moved 1% higher after third-quarter earnings and revenue surpassed Wall Street analysts’ expectations. The company reported earnings of 81 cents per share, beating the anticipated 77 cents per share. Revenue came in at $25.5 billion, exceeding the consensus estimate of $25.3 billion.
- Johnson & Johnson – The healthcare conglomerate witnessed a slight increase in shares premarket following quarterly results that outperformed expectations, driven by strong sales of oncology drugs. Johnson & Johnson also raised its forward financial guidance for full-year 2024 profit and sales.
- Goldman Sachs – Shares of the investment bank surged more than 2% after reporting better-than-expected quarterly earnings. Goldman Sachs posted earnings per share of $8.40 on revenue of $12.70 billion, surpassing analysts’ estimates of $6.89 earnings per share and $11.80 billion in revenue.
- UnitedHealth Group – Despite beating top and bottom-line expectations in the third quarter, the healthcare stock experienced a 3.2% decline. The company revised its earnings guidance lower due to continued challenges from a cyberattack earlier in the year.
- Walgreens Boots Alliance – The retail drugstore chain saw a 5% increase in its stock after fiscal fourth-quarter sales and profit outperformed analysts’ forecasts. Walgreens also announced plans to close approximately 1,200 stores over the next three years to boost earnings and cut costs.
- Citigroup – Shares of Citigroup, led by Jane Fraser, rose 1.7% following third-quarter earnings and revenue that surpassed consensus estimates. The bank reported earnings per share of $1.51 on $20.32 billion in revenue, beating analysts’ expectations.
- PNC Financial – The Pittsburgh-based regional bank’s stock rose 0.8% premarket after reporting earnings per share of $3.49, higher than estimates of $3.30 per share. Revenue of $5.43 billion also exceeded forecasts.
- Etsy – Shares of the online marketplace fell over 5% after Goldman Sachs downgraded the stock to sell from neutral, citing concerns about profit margins and market share losses.
- Coty – The beauty company’s shares dropped 4% after warning of a slower U.S. market in preliminary fiscal first-quarter results. Coty revised its comparable revenue growth outlook from 6% to 4-5%.
- Charles Schwab – The brokerage company’s stock surged more than 7% post-third quarter results that exceeded analysts’ estimates. Charles Schwab reported earnings per share of 77 cents on $4.85 billion in revenue, with revenue growing 5% from the prior quarter.
- Enphase Energy – Shares of Enphase Energy declined 1.8% following a downgrade by RBC Capital Markets, expecting slower growth next year not reflected in current consensus estimates. The company, known for solar micro-inverters and EV charging stations, has experienced a more than 20% drop in stock value this year.
This article includes contributions from CNBC’s Yun Li, Michelle Fox, Samantha Subin, Sarah Min, and Pia Singh.
