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Premarket Movers Wednesday: Bank of America, Delta Air, Peloton

Stocks moving in premarket trading Wednesday include Bank of America, Delta Air, Peloton, Citigroup, Wells Fargo and Covanta.

Stock futures traded mixed Wednesday as Wall Street weighed the highest inflation since 2008 and awaited testimony from Federal Reserve Chairman Jerome Powell on whether the central bank still believes rising price pressures will be transitory.

Here are some of the top movers during premarket trading on Wednesday:

1. Bank of America - Down 1.6%

Shares of Bank of America  (BAC) - Get Bank of America Corp Report fell after the financial-services company posted stronger-than-expected second-quarter earnings while reporting a decline in net interest income. Profit more than doubled (up 178%) from a year earlier to $1.03 a share, beating Wall Street's consensus estimate of 77 cents a share.

2. Delta Air Lines - Up 1.9%

Delta Air Lines  (DAL) - Get Delta Air Lines, Inc. Report shares rose after the carrier reported a narrower-than-expected second-quarter loss and said a pickup in business and leisure travel demand would lift the company into profitability over the second half. The adjusted loss came to $1.07 a share, compared with a loss of $4.43 a year earlier and better than analysts' consensus forecast of a loss of $1.40.

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3. Peloton - Down 2.3%

Peloton (PTON) - Get Peloton Interactive, Inc. Class A Report slipped after Wedbush analyst James Hardiman downgraded the connected-fitness provider to neutral from outperform with a price target of $115, down from $130. With consumers now back to having a full complement of in-person workout options along with an "unprecedented and ever-growing list" of digital and at-home choices, Hardiman said, the next leg of Peloton's growth story post-pandemic will require savvy marketing and compelling new products.

4. Citigroup - Up 1.2%

Shares of Citigroup  (C) - Get Citigroup Inc. Report advanced after the banking giant beat Wall Street's second-quarter-earnings expectations. The company posted earnings of $2.85 a share, beating the analyst consensus forecast of $1.96 a share. Revenue totaled $17.47 billion, ahead of Wall Street's call for $17.2 billion.

5. Wells Fargo - Up 0.9%

Wells Fargo  (WFC) - Get Wells Fargo & Company Report shares rose after the bank's second-quarter earnings beat analysts' forecasts. The bank released loan-loss provisions held on its books as insurance against pandemic-related losses. The move helped offset a decline in net interest income.

6. Covanta - Up 6.9%

Shares of Covanta  (CVA) - Get Covanta Holding Corporation Report surged after the waste-management company said it had agreed to be acquired by EQT Infrastructure for $20.25 a share, a roughly 37% premium to the company's share price on June 8, the day prior to initial media speculation about the deal.

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