By Geoffrey Smith
Investing.com — Stocks in focus in premarket trade on Wednesday, 13th October. Please refresh for updates.
- JPMorgan (NYSE:JPM) stock rose a modest 0.6% after relying heavily on reserve releases to ensure that its third-quarter earnings beat street forecasts. Revenue from trading and even from M&A fell from the previous quarter, and the bank struggled to grow its core loan book.
- Blackrock (NYSE:BLK) stock rose 1.8% after the investment behemoth revealed a larger than expected rise in assets under management in the third quarter that had a corresponding effect on fee income. Organic inflows exceeded its 5% target for the sixth quarter in a row.
- Apple (NASDAQ:AAPL) stock fell 0.6% on a report that it is preparing to cut output of its new flagship iPhone 13 model by over 10% due to chip and component shortages. Bloomberg reported that Texas Instruments (NASDAQ:TXN) and Broadcom (NASDAQ:AVGO) were among those struggling to deliver the volumes required by Apple. Those stocks fell 0.1% and 0.9% respectively.
- Qualcomm (NASDAQ:QCOM) stock rose 1.6% after the chipmaker announced a $10 billion buyback program.
- Delta Air Lines (NYSE:DAL) stock fell 1.4% after the first major airline to report third-quarter earnings warned about margin pressure from rising fuel prices. The airline generated an profit of $194 million after stripping out government support and other exceptional items.
- Plug Power (NASDAQ:PLUG) stock rose 7.1% after an upgrade from Morgan Stanley analysts. The hydrogen fuel-cell company also announced a new partnership with Airbus.
- SAP ADRs (NYSE:SAP) rose 5.1% after the German-based enterprise software giant posted stronger-than-expected preliminary numbers for the three months through September. It also nudged up its full-year revenue guidance by 3%.
- LVMH ADRs (OTC:LVMUY) rose 1.8% after the world’s biggest luxury group posted better-than-expected earnings and revenue for the quarter, with its key fashion and leather division posting a 38% annual rise in organic sales. The stock has been hit badly by the political news flow out of China in recent weeks, which some have interpreted as being a bad sign for ostentatious spending in the country.
- Hasbro (NASDAQ:HAS) stock inched down 0.1% after the toymaker announced the death of its CEO Brian Goldner, aged 58. Goldner had been diagnosed with cancer in 2014.