Check out the companies making headlines premarket. JPMorgan – The bank’s shares fell 2.4% even though it beat expectations on both fronts and reported lower-than-expected credit costs. However, the bank said net interest income, a key measure of what it earns from lending activities, could be slightly lower than what Wall Street analysts expect in 2024. CEO Jamie Dimon also warned of persistent inflation pressures weighing on the economy. Wells Fargo — Shares of Wells Fargo fluctuated after reporting first-quarter earnings but were recently up less than 1%. The bank beat Wall Street expectations for revenue and profit but reported a decline in net interest income. Citigroup Shares rose more than 2% after the bank reported revenue of $21.1 billion, beating analysts’ expectations of $20.4 billion, according to data from LSEG, formerly known as Refinitiv. BlackRock – The investment manager added 2% after a better-than-expected quarterly report. BlackRock’s earnings per share before items were $9.81 on revenue of $4.73 billion, while analysts surveyed by LSEG had forecast earnings per share of $9.35 and revenue of $4.68 billion. Globe Life – Insurance Stocks jumped about 9% in extended trading on Friday, recovering from a more than 50% drop in the previous session. Thursday’s sell-off followed a report from short seller Fuzzy Panda Research in which the company alleged multiple instances of insurance fraud and said it had taken a short position in the stock. Paramount — Shares fell about 1% after the media company proposed having seven directors, down from 11. It comes amid reports that Paramount is in talks to merge with Skydance. Mobileye — Shares rose 2% after Wolfe Research upgraded the autonomous vehicle technology company to outperform rivals and said most of the downside risk to its value is behind it after a sharp decline earlier in the year. GitLab – Shares rose 2.5% after an upgrade that outperformed the market at Raymond James. The firm forecasts sustained growth and improved profitability for the software company. Corteva — Shares fell 2.6% after JPMorgan was downgraded to neutral due to overweight. JPMorgan said shares of the agricultural chemical company don’t look attractive ahead of first-quarter earnings. Ciena – Shares fell 1.3% after Citi initiated a sell rating on the stock, saying the networking systems company’s artificial intelligence capabilities are further back than investors expect. The company’s $44 target represents potential for the stock to fall about 7% from Thursday’s close of $47.10. — CNBC’s Tanaya Machil, Samantha Subin, Sarah Min and Michelle Fox contributed reporting.
