US PRE-MARKET MOVERS: MS, BAC, PNC, SNAP, GTLB, AVGO, AMT, ASML, SEDG, WULF
ES flat NQ flat RTY -0.2%
- MS +2.6%: EPS, rev., NII & FICC sales all surpass exp.
- BAC +1.4%: EPS, rev., & NII topped although FICC trading rev. missed
- PNC -0.3%: Top line & NII light
- SNAP +9%: Raises Q1 outlook & will lay off ~16% of its workforce
- GTLB +6%: Expanded its partnership w/ Google Cloud
- AVGO +2.9%: Co. & META announced multi-year, multi-gen strategic partnership to support Meta’s AI compute infrastructure, extending through 2029
- AMT +1.1%: Upgraded at Mizuho
- ASML -1.1%: Next Q rev. guide light, but did raise FY net sales view w/ strong Q1 numbers
- SEDG -2.6%: Downgraded at Goldman
- WULF -8%: Announced disappointing prelim Q numbers
- Smartphones: IDC said global smartphone market fell 4.1% in Q1 as a memory chip shortage & Iran war pressured costs & growth
Context
Several major US equities are poised for movement in pre-market trading, notably Morgan Stanley and Bank of America reporting strong earnings beats, which could signal continued strength in the banking sector. Conversely, PNC's light results and ASML’s cautious revenue guidance might weigh on sentiment in their respective segments. SNAP's significant workforce reduction, despite raising outlook, reflects broader industry pressures, which traders should monitor for implications on tech stocks.
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