‘s (ticker: BAC) second-quarter profit increased by 19% year over year to $7.4 billion, or 88 cents a share, share topping expectations of analysts surveyed by FactSet who forecast profit of $6.9 billion, or 84 cents. Revenue climbed 11% to $25.2 billion, slightly higher than forecasts of $25 billion. An increase in net interest income was one main driver of profit gains. The stock rose 0.5%.
(MS) was up 0.2% after the investment bank posted profit that slid 12% year over year to $2.2 billion, or $1.24 a share, on $13.5 billion in revenue. Analysts surveyed by FactSet projected earnings of $1.20 a share on $13 billion in revenue.
(PNC) fell 3.1% after the regional bank posted second-quarter revenue of $5.29 billion, missing Wall Street’s forecast of $5.45 billion.
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(BK) fell 0.7% even after the bank posted better-than-expected second-quarter earnings as net interest revenue soared 33%.
(SYF) gained 0.6% in premarket trading after the credit card company posted an increase in second-quarter net interest income of 8% to $4.1 billion.
(SCHW) reported second-quarter adjusted earnings of 75 cents a share on revenue of $4.66 billion, higher than profit of 71 cents and revenue of $4.61 billion that analysts had estimated. The stock was rising 0.1%.
(MASI), the hospital-equipment maker, tumbled 29% after saying it expects second-quarter sales of $453 million to $457 million, well below analysts’ forecasts of $553 million. Among other factors,
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pointed to large orders that were pushed back to the second half of the year. The company said it was “taking actions to reduce costs in the second half” of 2023.
(FBK) was rising 9.5% after the parent company of FirstBank posted second-quarter earnings late Monday of 77 cents a share, topping estimates of 65 cents.
(PINS) was rising 3.4% to $30.14 after analysts at Evercore ISI upgraded the stock to Outperform from In Line with a price target of $41.
American depositary receipts of
(NVS) rose 2.7% in premarket trading after the Swiss pharmaceutical company raised its full-year outlook and announced a buyback of $15 billion.
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(LMT) posted second-quarter adjusted earnings of $6.75 a share on sales of $16.7 billion. Wall Street was looking for earnings of $6.45 on sales of $15.9 billion. F-35 deliveries for the second quarter rebounded to 45 units. The stock gained 0.9%.
(T) was rising 0.5% in premarket trading to $13.60 after the telecom company dropped nearly 7% to $13.53 on Monday, its lowest close since February 1993.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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