Take a look at some of the biggest movers in the premarket:
Big banks – Goldman Sachs (GS), Bank of America (BAC), Morgan Stanley (MS), JPMorgan Chase (JPM) and Wells Fargo (WFC) all announced dividend increases after passing recent Fed stress tests. Morgan Stanley and Wells Fargo both doubled their dividends, while Citigroup (C) was the only one of the six largest banks to keep its dividend unchanged. Morgan Stanley rose 3.3% before the IPO, Goldman 1.4%.
Facebook (FB) – Facebook remains on guard after a late Monday jump that saw market value surpass $ 1 trillion. This was followed by a court ruling that dismissed both federal and state cartel complaints against the social media giant.
Tesla (TSLA) – UBS cut its price target on Tesla stock from $ 730 to $ 660, but maintained a “neutral” rating, noting that competition was increasing and operational delays were occurring.
Boeing (BA) – Boeing has won a 200-jet order from United Airlines (UAL), which has also ordered 70 Airbus jets as part of the modernization of their fleet. United will purchase various Max jets from Boeing and A321neo models from Airbus.
FactSet (FDS) – The financial information company earned $ 2.72 per share for the third fiscal quarter, 3 cents per share below estimates. Sales were above Wall Street forecasts. FactSet expects earnings of $ 10.75 to $ 11.15 per share for the fiscal year ended August, compared to a current consensus estimate of $ 11.14 per share.
Herman Miller (MLHR) – Herman Miller reported quarterly earnings of 56 cents per share, beating the consensus estimate of 39 cents per share. The office furniture manufacturer’s sales were also above estimates. However, Herman Miller issued a lower-than-expected earnings forecast and its shares fell 1.7% pre-IPO.
Jefferies Financial (JEF) – Jefferies beat Wall Street forecasts for earnings and sales for the last quarter, and the financial services firm also announced a 25% dividend increase. Jefferies was up 3.3% in pre-trading.
XPO Logistics (XPO) – XPO announced that its public offering of 5 million shares of common stock was $ 138 per share, compared to its closing price of $ 140.61 on Monday. The transport and logistics company wants to use the funds to repay debt and for general corporate purposes. XPO fell 1.5% in the premarket.
Herbalife Nutrition (HLF) – Herbalife was rated “Buy” in new B Riley Securities reporting with a target price of $ 70 per share. The nutritional products maker shares closed at $ 53.34 on Monday. B Riley notes that Herbalife’s global leadership in weight loss supplements is an increasing presence in the exercise / fitness category.
General Electric (GE) – Goldman Sachs called the stock a “top idea” based in part on an optimistic view of GE’s cash flow outlook as the industrial sector rebounded. Goldman rates GE as a “buy” with a target price of $ 16, compared to Monday’s closing price of $ 12.89. GE rose 1% in pre-trading.
Textron (TXT) – Textron was upgraded from “Equal to” to “Overweight” at Morgan Stanley based on a rebound in business jet use and the outlook for electric vertical takeoffs and landers.
FedEx (FDX) – Bank of America Securities added FedEx to its “US1” list of top picks while maintaining a “Buy” rating. The BofA sees significant tailwinds for FedEx, including increased pricing power, and notes that the stock is at the lower end of its historical trading range.