Premarket Movers Wednesday - JPMorgan, Plug Power, Delta Air Lines
U.S. equity futures on Wednesday bumped higher as strong third-quarter earnings and declining oil prices boosted investor sentiment.
Here are some of the top movers in Wednesday's market:
1. JPMorgan Chase JPM | Up 0.6%
Shares of JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. (JPM) Report were higher after the banking giant posted a 24% rise in third-quarter earnings, exceeding Wall Street expectations.
The New York financial-services company posted profit of $11.69 billion, or $3.74 a share, up from $9.44 billion, or $2.92 a share, in the year-earlier quarter.
The “economy continues to show good growth - despite the dampening effect of the delta variant and supply-chain disruptions," Chief Executive Jamie Dimon said in a statement.
"We released credit reserves of $2.1 billion, as the economic outlook continues to improve and our scenarios have improved accordingly," Dimon added.
TheStreet Recommends
2. Plug Power PLUG | Up 7.1%
Shares of Plug Power (PLUG) - Get Plug Power Inc. Report jumped after Morgan Stanley analyst Stephen Byrd upgraded the hydrogen-fuel-cell company to overweight from equal weight and raised its price target on the stock to $40 a share from $35.
Plug Power is well positioned "at the outset of a significant transition point" in energy with the adoption and expansion of the use of green hydrogen, Byrd told investors in a note.
The analyst says the company's upcoming investor day, accelerating growth, legislative support and an attractive risk/reward profile drove his upgrade.
3. BlackRock BLK | Up 2.1%
Shares of BlackRock (BLK) - Get BlackRock, Inc. Report advanced after the asset management firm delivered a profit beat for the third quarter. Assets under management rose 21% to $9.46 trillion.
4. Apple AAPL | Down 0.7%
Shares of Apple (AAPL) - Get Apple Inc. (AAPL) Report edged lower amid reports that the tech giant may need to cut production of its signature iPhone 13 by as much as 10 million units as a result of the global chip shortage
5. Delta Air Lines DAL | Down 1%
Shares of Delta Air Lines (DAL) - Get Delta Air Lines, Inc. Report slipped even as the carrier exceeded third-quarter earnings and revenue estimates. Delta’s quarterly profit was its first since before the pandemic, but it does anticipate a modest current-quarter loss due to higher fuel costs.
