Stocks making the biggest moves premarket: BAC, BA, JNJ
Check out the companies making headlines before the bell: Bank of America — Shares rose about 2% after Bank of America reported first-quarter results that exceeded analysts’ expectations , due to stronger-than-expected net interest income and trading revenue. The bank’s quarterly earnings rose 11% to $7.4 billion, or 90 cents per share, while its revenue increased 5.9% to $27.51 billion. Analysts polled by LSEG had called for earnings of 82 cents per share on revenue of $26.99 billion. Boeing — Shares of the aerospace company fell more than 3% after Beijing ordered Chinese airlines not to take more deliveries of Boeing planes and to halt purchases of aircraft equipment from U.S. companies, according to a Tuesday Bloomberg report . Dow — The chemical stock slid more than 4% after a downgrade to underperform from buy at Bank of America. The investment firm said Dow is facing a “perfect storm” of negative factors, including a weakening economy and higher barriers to trade. Citigroup — Shares rose after the bank reported better-than-expected results, driven by gains at its fixed income and equities trading units. Citi earned $1.96 per share on revenue of $21.50 billion. Analysts estimated the bank would earn $1.85 per share on $21.29 billion in revenue. Johnson & Johnson — Shares slipped 1% after Johnson & Johnson increased its sales forecast, but left its full-year earnings guidance unchanged. The pharmaceutical giant beat expectations, reporting earnings of $2.77 per share on revenue of $21.89 billion, while analysts surveyed by LSEG called for earnings of $2.59 per share on revenue of $21.56 billion. The company’s chief financial officer told The Wall Street Journal that it expects costs of about $400 million this year related to tariffs on medical devices. Netflix — Shares of the streaming giant rose 2% after The Wall Street Journal reported that Netflix aims to achieve a $1 trillion market capitalization and double its revenue, from $39 billion last year, by 2030. The company also is targeting $9 billion in global ad sales by 2030, the report said, citing people who attended Netflix’s annual business review meeting last month. Albertsons — Shares of the grocery store chain dropped 5% after Albertsons gave full-year earnings guidance that was below expectations. The company said it expects earnings of between $2.03 and $2.16 per share, excluding items, while analysts polled by FactSet expected earnings of $2.28 per share. Albertsons still exceeded earnings and revenue forecasts for its fiscal fourth quarter. — CNBC’s Jesse Pound contributed reporting.
