JPMorgan, Morgan Stanley, Tesla Fall Premarket; AMD, Costco Rise

  • Stock Market News
JPMorgan, Morgan Stanley, Tesla Fall Premarket; AMD, Costco Rise
Credit: © Reuters.

By Peter Nurse -- Stocks in focus in premarket trade on Thursday, July 14th. Please refresh for updates.

  • JPMorgan (NYSE: JPM ) stock fell 3.1% after the largest U.S. bank by assets reported a 28% drop in second quarter profits as it set aside more money to cover potential losses in the face of growing risks of a recession.

  • Morgan Stanley (NYSE: MS ) stock fell 1.2% after the banking giant reported a drop in second quarter profit, as deal-making slumped amid soaring market volatility.

  • Tesla (NASDAQ: TSLA ) stock fell 1.5% after Andrej Karpathy, a high-profile executive who played a key role in developing the electric-car maker's artificial intelligence and driver assistant technology, announced his departure from the company.

  • Amazon (NASDAQ: AMZN ) stock fell 1.2% after EU regulators said the online retail giant has offered to refrain from using sellers' data for its own retail business and made other concessions to end an antitrust investigation.

  • Uber (NYSE: UBER ) stock fell 1.3% following the news that the ride-hailing company is being sued by 550 women in the United States who claim they were sexually assaulted by drivers on its platform.

  • Ericsson (ST: ERICa ) ADRs fell 10% after the Swedish maker of telecoms network equipment reported a sharp rise in the cost of rolling out 5G telecom networks, which ate into its profit margins in the second quarter.

  • Advanced Micro Devices (NASDAQ: AMD ) stock rose 0.8% after BMO upgraded its stance on the chipmaker to ‘outperform’ from ‘market perform’, saying the company is ready to rebound after a rough start to the year.

  • Costco (NASDAQ: COST ) stock rose 0.6% after Deutsche Bank upgraded its stance on the chain of big-box retail stores to ‘buy’ from ‘hold’, saying its club membership model should make it more attractive during periods of inflation and a slowing economy.

  • Taiwan Semiconductor Manufacturing (NYSE: TSM ) ADRs rose 1.7% after the world’s largest chipmaker posted record net profit in the second quarter, allaying fears over the sector’s headwinds.

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