Apple, American Airlines Rise Premarket; Bank of America Falls

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imageStock Markets18 hours ago (Jul 14, 2021 13:14)

© Reuters.

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Wednesday, July 14th. Please refresh for updates.

  • Bank of America (NYSE:BAC) stock fell 1.9% after reporting a fall of 4% in its second-quarter revenue as trading income in global markets fell and lending margins were squeezed by rock-bottom interest rates. 

  • Apple (NASDAQ:AAPL) stock rose 2.1% after Bloomberg reported that the tech giant has asked suppliers for 90 million iPhones this year, a 20% jump from the shipments in 2020.  

  • Delta Air Lines (NYSE:DAL) stock rose 2.3% after the airline reported better than expected quarterly revenue, adding that it expected to remain profitable for the rest of the fiscal year as travel demand picks up.

  • American Airlines (NASDAQ:AAL) stock rose 3.5% after the company forecast positive cash flow in the second quarter for the first time since the pandemic began.

  • BlackRock (NYSE:BLK) stock fell 2.1% despite the world’s largest asset manager reporting that assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier. The stock is up over 25% year to date.

  • Peloton (NASDAQ:PTON) stock fell 2.8% after Wedbush downgraded its recommendation on the exercise equipment maker to ‘neutral’ from ‘outperform, saying the number of fitness alternatives is growing as the pandemic recedes.

  • Lululemon Athletica (NASDAQ:LULU) stock rose 0.9% after Goldman Sachs (NYSE:GS) rated the leisure apparel retailer as a ‘conviction buy’, saying the company has many growth opportunities and that the stock holds an attractive risk-reward balance.

  • PepsiCo (NASDAQ:PEP) stock fell 0.5% after Credit Suisse (SIX:CSGN) downgraded its recommendation to ‘neutral’ from ‘outperform’ after the soft drinks giant reported strong quarterly earnings, citing its current valuation.

  • Nike (NYSE:NKE) stock fell 0.2% after a major supplier of the athletic footwear giant was forced to close down its plant in Vietnam due to Covid-19 curbs.

  • Citigroup (NYSE:C) stock rose 0.2% after the banking giant comfortably beat second-quarter profit forecasts, helped by the release of loan loss reserves which offset a plunge in revenue from lower trading and credit card lending.
  • Wells Fargo (NYSE:WFC) stock rose 0.8% after the bank swung to a profit in the second quarter as it released funds set aside to cover soured loans, while costs tied to its years-old sales practices scandal stabilized.

Apple, American Airlines Rise Premarket; Bank of America Falls

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