JPMorgan, Wells Fargo, Delta Rise Premarket; Morgan Stanley, Beyond Meat Fall

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Friday, October 14th. Please refresh for updates.

• JPMorgan Chase (NYSE:) stock rose 1.4% after the lender posted better than expected , helped by advances in interest income. The bank set aside $808 million in reserves.

• Wells Fargo (NYSE:) stock rose 1.1% after beat expectations even as the lender reported a decline in profit after bolstering provisions for credit losses by $784 million in preparation for a hit from a potential economic slowdown.

• Morgan Stanley (NYSE:) stock fell 3.7% after the bank reported a drop in profit, as a slowdown in global dealmaking hurt the investment bank’s core underwriting business.

• Albertsons (NYSE:) stock fell 2.8% after Kroger (NYSE:), down 3.1%, agreed to buy the rival grocer in a deal valued at $24.6 billion.

• Beyond Meat (NASDAQ:) stock fell 7.3% after the faux-meat maker slashed its annual revenue forecast due to rising inflation, and said it was cutting about 200 jobs, or 19% of its total workforce.

• Delta Air Lines (NYSE:) stock rose 2.5% after Cowen upgraded its stance on the carrier to ‘outperform’ from ‘market perform’, saying its shares can rally nearly 80% as the travel recovery continues.

• Micron (NASDAQ:) stock rose 0.5% after Loop Capital initiated coverage on the semiconductor manufacturing company with a ‘buy’ rating, saying the chip downcycle is nearing a bottom.

• Stanley Black & Decker (NYSE:) stock fell 1.3% after Credit Suisse downgraded its stance on the world’s largest tool company to ‘neutral’ from ‘outperform’ as home improvement spending slows.

• Northrop Grumman (NYSE:) stock fell 0.7% after JPMorgan downgraded the aerospace and defense company to ‘neutral’ from ‘overweight’, citing the stock’s recent outperformance.

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