Stock futures rose Tuesday as Janet Yellen, President-elect Joe Biden's nominee for Treasury secretary, is expected to tell lawmakers they must support higher government spending to rescue the U.S. economy.
Here are some of the top movers during premarket trading on Tuesday.
1. Bank of America BAC | Down 1.24%
Shares of Bank of America (BAC) - Get Bank of America Corporation Report fell early Tuesday after it posted fourth-quarter earnings that exceeded analysts' expectations but missed the revenue target.
Bank of America reported earnings of 59 cents a share on revenue of $20.1 billion, compared to analysts' estimates of earnings of 55 cents a share and revenue of $20.7 billion.
"In the fourth quarter, we saw higher net interest income, higher consumer revenue, record asset management fees, strong results from our global markets teams, and a stronger balance sheet," said CEO Brian Moynihan in a statement.
2. Goldman Sachs GS | Up 2.48%
Shares of Goldman Sachs (GS) - Get Goldman Sachs Group Inc. (The) Report rose Tuesday after it posted fourth-quarter earnings that beat Wall Street estimates thanks in part to a surge in investment banking revenue and lower provisions for bad loans.
Goldman Sachs reported earnings of $12.08 a share on revenue of $11.74 billion, compared to estimates of earnings of $7.45 a share and revenue of $9.99 billion.
The stock has run up 46.3% over the past three months through Friday.
3. Coherent COHR | Up 33.81%
Shares of Coherent (COHR) - Get Coherent Inc. Report soared in premarket trading Tuesday after Lumentum Holdings (LITE) - Get Lumentum Holdings Inc. Report agreed to buy the laser maker in a cash-and-stock deal valued at $5.7 billion.
Once finalized, Coherent stockholders are expected to own approximately 27% of the combined company. The deal fuses together two firms whose photonics and laser products are used in everything from laser eye surgery to chipmaking to OLED displays and 3D sensors to 5G networking capabilities.
4. Western Union WU | Up 6.75%
Shares of Western Union (WU) - Get Western Union Company (The) Report were rising Tuesday after the money-movement company announced its money transfer services would be available at Walmart (WMT) - Get Walmart Inc. Report locations nationwide.
5. Halliburton HAL | Up 2.27%
Halliburton reported adjusted earnings of 18 cents a share on revenue of $3.24 billion, compared to estimates of adjusted earnings of 15 cents a share and revenue of $3.21 billion.
6. Netflix NFLX | Up 1.01%
Netflix is expected to report adjusted net income of $707.1 million, or $1.35 a share, on sales of $6.6 billion after the market closes on Tuesday.