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Bank of America, Morgan Stanley, PNC Financial and Bank of New York Mellon are among the banks due to release their quarterly results on Tuesday.
The time of dreams
Stock futures signaled a steady start for Wall Street on Tuesday before bank earnings and data on US retail sales.
These stocks were set to move on Tuesday:
Bank of America
(BAC) is expected to report earnings before the opening bell and Wall Street expects second quarter profit jump 11% from a year earlier to $6.9 billion. On a per-share basis, earnings were expected at 84 cents on revenue of $25 billion. An increase in net interest income to $14.2 billion is expected to drive profit gains. The stock rose 0.5%.
Morgan Stanley
(MS) should also publish second quarter results Tuesday. A slowdown in transactions is expected to weigh on profits at the investment bank. Analysts polled by FactSet estimate earnings in the period at $1.20 per share, up from $1.44 a year earlier.
Morgan Stanley
shares rose 1.2% in premarket trading.
Other financial companies should publish earnings tuesday included
Charles Schwab
(BLACK),
PNC Financial
(PNC), and
Bank of New York Mellon
(BK).
American certificates of deposit of
Novartis
(NVS) rose 4.4% in premarket trading after the Swiss pharmaceutical company raised its outlook for the full year and announced a $15 billion buyout.
The fields
(MASI), the hospital equipment maker, fell nearly 27% after saying it expected second-quarter sales of $453 million to $457 million, well below analysts’ forecast of $553 million . Among other factors,
The fields
reported large orders that were pushed back to the second half. The company said it was “taking steps to reduce costs in the second half” of 2023.
FB Financial
(FBK) rose 16% after FirstBank’s parent company reported second-quarter earnings of 77 cents per share late Monday, beating estimates of 65 cents.
When
Lockheed Martin
(LMT) reports quarterly income The focus on Tuesday will be on the F-35 jet fighter as deliveries have slowed and could affect the second half of 2023. Analysts expect
Lockheed
to earn $6.45 per share in the second quarter on sales of $15.92 billion. The stock gained 0.9% in premarket trading.
pinterest
(PINS) rose 3.5% to $30.18 after analysts at Evercore ISI upgraded the stock from In Line to Outperform with a price target of $41.
rite to Joe Woelfel at joseph.woelfel@barrons.com
