Stocks in Focus: JPMorgan, Wells Fargo, BlackRock Rise; Boeing, Lucid Fall in Pre-Market Trading

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On April 14th, 2023, the following stocks were in focus during premarket trading.

Rising Stocks:

  • JPMorgan (NYSE:JPM) stock increased by 5.9% after reporting a 52% surge in Q1 profit with record revenues. The banking giant's strong results in its consumer business, despite two major banking failures in the US, contributed to the boost.
  • Wells Fargo (NYSE:WFC) stock rose 2.9% after posting a sharp rise in profit due to increased interest rate payments in the first quarter, thanks to the US Federal Reserve's tighter monetary policy.
  • PNC Financial (NYSE:PNC) stock rose 1.3% after reporting an 18.5% rise in Q1 profit, as the Fed's rate hikes fueled a surge in its net interest income.
  • BlackRock (NYSE:BLK) stock rose 1.5% as the world's largest asset manager's assets jumped to $9.09 trillion in Q1, with depositors seeking cover following the collapse of several US banks.
  • UnitedHealth (NYSE:UNH) stock rose 0.9% after beating Wall Street estimates for quarterly profit and raising its annual forecast, helped by lower medical costs at its insurance unit.

Falling Stocks:

  • Boeing (NYSE:BA) stock fell 5.7% after halting deliveries of some 737 MAXs due to a new supplier quality problem from Spirit AeroSystems (NYSE:SPR), which fell over 13%.
  • Lucid Group (NASDAQ:LCID) stock fell 6.4% after reporting lower Q1 production and delivery figures compared to the previous three months, as it struggles with supply chain and logistics issues.
  • Tesla (NASDAQ:TSLA) stock fell 0.8% after lowering the price of its Model 3 in Germany to spur demand, according to data on its website.
  • Hartford Financial (NYSE:HIG) stock fell 2.2% after warning that its Q1 earnings could be weaker than expected, weighed down by catastrophic losses from winter storms.

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