Check out the companies that make the headlines before the doorbell rings:
Morgan Stanley (MS) – Morgan Stanley beat estimates by 20 cents with earnings of $ 1.85 per share in the second quarter, while revenue also beat forecasts, aided by an acceleration in investment banking activities. Despite the blow, Morgan Stanley’s stock fell 1.6% pre-IPO.
American International Group (AIG) – AIG stock rose 5% in pre-trading hours after closing a deal to sell a 9.9% stake in its life and retirement unit in Blackstone (BX) for $ 2.2 billion Dollar had announced. The deal also calls for Blackstone to initially manage $ 50 billion in assets to support AIG’s life insurance policies and annuities, which will grow to approximately $ 100 billion over the next six years.
AMC Entertainment (AMC) – AMC slumped another 6.2% in the premarket after the cinema operator’s stock fell for the fourth straight and eighth time in nine sessions on Wednesday. The slide was limited by a 15% drop in yesterday’s session, bringing the total loss over that time to around 41%.
UnitedHealth Group (UNH) – The health insurer’s profit declined more than a third year-over-year in the second quarter as consumers resumed elective medical care postponed due to the pandemic. However, UnitedHealth beat estimates for sales and earnings and earned an adjusted $ 4.70 per share compared to a consensus estimate of $ 4.43.
Bank of NY Mellon (BK) – Bank of NY Mellon beat estimates 13 cents with quarterly earnings of $ 1.13 per share and revenue that also beat estimates. Its board of directors also approved the repurchase of up to $ 6 billion in common stock.
Truist Financial (TFC) – The bank, which emerged from the merger of SunTrust and BB&T in 2019, reported adjusted quarterly earnings of $ 1.55 per share, beating the consensus estimate of $ 1.19 while revenue also exceeded the Wall Street forecasts were. Strong fees and asset management revenues contributed to the results.
US Bancorp (USB) – US Bancorp earned $ 1.28 per share in the second quarter, 14 cents above estimates, with revenue also beating estimates. Results were bolstered by an improving economy, which helped increase credit and debit card revenues and reduce loan loss provisions.
Norton LifeLock (NLOK) – Norton LifeLock is in talks to purchase another cybersecurity company, Avast, to expand Norton’s presence in the consumer software space. Avast said the two sides are in advanced talks over a possible cash-and-share deal. Norton LifeLock lost 2.6% in the premarket.
Johnson & Johnson (JNJ) – Johnson & Johnson is recalling some lots of its Neutrogena and Aveeno sunscreen spray products after benzene was found in some samples. Johnson & Johnson said that benzene – which has the potential to cause cancer – is not used in the manufacture of the products and is studying how it ends up in some products. The shares fell 1% before the trading session.
General Motors (GM) – NHSTA urged owners of around 50,000 Chevy Bolts to park outside after charging their electric vehicles due to the risk of fire. GM, which makes the Bolt, had issued a similar warning earlier in the day on 2017-2019 model year vehicles.
Netflix (NFLX) – Netflix has hired former Facebook executive Mike Verdu to lead its video game division as it intensifies efforts to grow beyond its flagship video streaming business. The share rose 1.8% before the IPO.
Beyond Meat (BYND) – Beyond Meat has opened an online shop in China on the JD.com (JD) e-commerce platform to boost sales of its plant-based meat alternatives in that country.