Check out the companies making headlines before the bell:
Bank of America (BAC) – The bank beat estimates by 2 cents with quarterly earnings of 51 cents per share, though revenue was slightly below Wall Street forecasts. The bank set aside $1.4 billion for possible loan losses, significantly smaller than the amounts it had set aside in the first and second quarters.
CFO Paul Donofrio made some optimistic comments about the economic recovery, noting a “decent recovery” in consumer spending. Bank of America shares fell 2% in premarket trading as of 7:30 a.m. ET.
UnitedHealth (UNH) – The health insurer reported an adjusted quarterly profit of $3.51 per share, beating the consensus estimate of $3.09, with revenue also above forecasts. UnitedHealth also said medical care trends that had been disrupted by the pandemic are now moving closer to normal. UnitedHealth also raised its full-year outlook.
Goldman Sachs (GS) – Goldman earned $9.68 per share for the third quarter, well above the consensus estimate of $5.57, with revenue also above estimates. Goldman said it saw higher net revenue across all segments amid a continued economic recovery, with particular strength in asset management and global markets. Goldman shares rose 2.8% in premarket trading as of 7:30 a.m. ET.
PNC Financial (PNC) – PNC earned $3.39 per share for the third quarter, well above the $2.12 consensus estimate, with revenue also above forecasts. It set aside $52 million to cover possible bad loans, compared to $2.46 billion in the prior quarter. PNC shares added 1% in premarket trading as of 7:30 a.m. ET.
US Bancorp (USB) – The bank beat estimates by 8 cents with quarterly earnings of 99 cents per share, with revenue above estimates as well. US Bancorp saw lower net interest income and higher expenses, but did see strength in its fee-based businesses. Shares were higher by 1.5% in premarket trading as of 7:30 a.m. ET.
Allscripts Healthcare Solutions (MDRX) – The health care technology company is selling its CarePort patient care coordination business to WellSky, which is owned by private equity firms TPG and Leonard Green & Partners, for $1.35 billion. Allscripts shares surged 42% in premarket trading as of 7:30 a.m. ET.
Bed Bath & Beyond (BBBY) – Bed Bath & Beyond agreed to sell its Christmas Tree Shops retail chain, Linen Holdings institutional business and a Florence, NJ distribution center to various buyers for a total of about $250 million. The housewares retailer said the moves were made to allow it to focus on its core business. The shares gained 5% in premarket trading as of 7:30 a.m. ET.
Walmart (WMT) – Walmart plans to hold three separate savings events through the month of November, rather than focusing on “Black Friday,” the day after Thanksgiving. The promotions will begin on Walmart.com and continue in the retailer’s stores, with the first such event scheduled for November 4.
Apple (AAPL) – Apple remains on watch following Tuesday’s introduction of new iPhone models. Apple shares fell yesterday, continuing a trend that has seen the stock fall on the vast majority of product introduction days.
Eli Lilly (LLY) – The Food and Drug Administration uncovered a number of serious quality control problems at an Eli Lilly plant that is set to manufacture a promising Covid-19 antibody treatment, according to a Reuters report. The report said the issues could hurt Lilly’s bid to get emergency use authorization for the treatment.
Concho Resources (CXO) – ConocoPhillips (COP) is in talks to buy rival energy producer Concho Resources, according to people familiar with the matter who spoke to Bloomberg. A deal could be announced in the next few weeks, but it could also fall through. Concho shares jumped 9% in premarket trading as of 7:30 a.m. ET.
AMC Entertainment (AMC) – AMC CEO Adam Aron denied a Bloomberg report that the movie theater operator was considering bankruptcy, telling Reuters in an interview that the company is only considering raising new capital through equity sales.
Pearson (PSO) – Pearson said it was on track to meet market forecasts for 2020, with increased demand for online learning helping to offset the negative impact of canceled tests and closed schools. Underlying sales for the education company did fall by 10 percent during the third quarter.
Pilgrim’s Pride (PPC) – Pilgrim’s Pride will pay a $110.5 million fine to resolve Justice Department charges that the poultry producer conspired to fix chicken prices. The plea deal means that no further charges will be brought against the nation’s second-largest chicken producer.
Six Flags (SIX) – The theme park operator will cut 240 employees, or about 10% of its full-time workforce. Six Flags said it was offering the impacted workers severance pay and outplacement services.
