By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Tuesday, April 14th. Please refresh for updates.
- 8:44 AM ET: Johnson & Johnson (NYSE:JNJ) stock rose 2.9% after the pharma giant raised its dividend by over 6% on the back of quarterly earnings that beat expectations.
- That softened the blow of a downgrade to this year’s earnings expectations. The company now sees an EPS range of $7.50 to $7.90, compared with its prior estimate of $8.95 to $9.10. That’s an implicit cut of some 14%.
- JPMorgan (NYSE:JPM) stock rose 3.2% after the bank booked $6.8 billion in provisions against loan losses and nearly $2 billion more in other impairments in response to the pandemic. CEO Jamie Dimon also warned that provisions could rise meaningfully in the coming quarters.
- Loan demand also fell, as did investment banking revenue, but income from bond and equity trading rose on the back of higher market volatility, while its asset management arms also grew 7%. The Common Equity Tier 1 ratio, a benchmark of financial strength, fell to 11.5%.
- Wells Fargo (NYSE:WFC) stock rose 2.1% after the California-based bank said net income fell to $653 million, hit by some $4 billion in provisions and impairments due to Covid-19.
- Its CET1 ratio fell another 40 basis points to 10.7%, and is now down some 130 basis points over the last three quarters.
- 08:55 AM ET: Roku (NASDAQ:ROKU) stock rocketed 14% higher after the maker of streaming devices said the Covid-19 pandemic had led to a sharp rise in demand for its products.
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Roku added nearly 3 million new users in the first quarter, compared to expectations of just 2.56 million. Collective streaming hours rose 49% from a year earlier to 13.2 billion.
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The stock had been one of the most expensively-valued on Wall Street by the end of last year and lost over half its value by mid-March.
- 08:59 AM ET: Anheuser Busch Inbev (BR:ABI) (NYSE:BUD) stock fell 3.0% after the highly-indebted brewing giant halved its dividend, a measure that will conserve $1 billion in cash as it struggles with worldwide closures of bars and restaurants.
- 09:11 AM ET: Exxon Mobil (NYSE:XOM) stock was up 1.1% after the company sold another $9.5 billion in debt, securing further cash to tide it through what is likely to be a prolonged period of low oil prices.
- 09:15 AM ET: Amazon.com (NASDAQ:AMZN) stock rose 1.9%, putting it on course to open at a fresh all-time high after its 6.2% surge on Monday. The company relaxed its restrictions on the shipping of non-essential goods, encouraging investors that it has removed a bottleneck to meeting sustained high levels of demand for online purchases.