Stock futures fell Friday as President-elect Joe Biden unveiled a $1.9 trillion Covid-19 relief package and after big U.S. banks kicked off the fourth-quarter earnings season.
Here are some of the top movers during premarket trading on Friday.
1. JPMorgan Chase JPM | Down 1.71%
JPMorgan reported earnings of $3.79 a share on revenue of $30.2 billion, compared to analysts estimates of earnings of $2.62 a share on revenue of $28.7 billion.
Investment banking revenue rose 37% to $2.5 billion, driven by a 34% increase in investment banking fees, reflecting higher fees across products, the company said.
2. Tesla TSLA | Up 1.28%
Shares of Tesla (TSLA) - Get Tesla Inc. Report were rising early Friday after Wedbush Securities analyst Daniel Ives lifted his one-year price target on the electric vehicle maker to $950 from $751 to reflect growing global demand for electric vehicles, particularly in China.
“The hearts and lungs of the Tesla bull thesis is centered around China as we have seen consumer demand skyrocket into 2021 not just for Model 3s, but for impressive domestic competitors such as NIO (NIO) - Get NIO Inc. American depositary shares each representing one Class A 蔚来汽车 Report, XPeng (XPEV) - Get Altitude Acquisition Corp. Unit Report, Li Auto (LI) - Get Li Auto Inc. Report and others,” Ives said in a research note.
“As such, we have significantly raised our forecasts with our expectations that Tesla now exceeds the 1 million delivery threshold in 2022 and could start to approach 5 million deliveries annually by the end of the decade if global EV demand continues at this pace."
3. Wells Fargo WFC | Down 3.97%
Shares of Wells Fargo (WFC) - Get Wells Fargo & Company Report fell Friday morning after the bank posted fourth-quarter earnings that exceeded Wall Street estimates but missed the revenue target.
Wells Fargo reported earnings of 64 cents a share on revenue of $17.93 billion, compared with analysts' estimates of earnings of 58 cents a share and revenue of $19.347 billion.
Wells Fargo said results continued to be impacted by the unprecedented operating environment.
4. Citigroup C | Down 2.04%
Citigroup said earnings for the three months ended in December were $2.09 a share, up 59.5% on an adjusted basis from the same period last year and firmly ahead of the Wall Street consensus forecast of $1.31.
Group revenue fell 10.3% to $16.5 billion, missing analysts' estimates of $16.7 billion.
5. Progress Software PRGS | Down 1.45%
Shares of Progress Software (PRGS) - Get Progress Software Corporation Report dropped Friday after the company swung to a quarterly profit and issued a mixed outlook.
Two analysts raised their price targets on the stock.
6. PNC Financial Services PNC | Down 2.07%
PNC Financial Services (PNC) - Get PNC Financial Services Group Inc. (The) Report stock traded lower Friday despite better-than-expected fourth-quarter earnings.
PNC reported earnings of $1.44 billion, or $3.26 a share, on revenue of $4.2 billion, compared to estimates of earnings of $2.61 a share and revenue of $4.14 billion.