Check out the companies making headlines before the bell:
JPMorgan Chase (JPM) – JPMorgan Chase was down 2.9% in premarket trading after falling 12 cents shy of estimates with a quarterly profit of $2.76 per share. It also announced it was temporarily suspending share buybacks. CEO Jamie Dimon said inflation, waning consumer confidence and other factors were likely to have a negative effect on the global economy.
Morgan Stanley (MS) – Morgan Stanley reported quarterly earnings of $1.39 per share, 14 cents shy of consensus estimates, with the investment bank’s revenue also falling short. The bank saw weaker investment banking activity during the quarter, although it said results in equity and fixed income were strong. Morgan Stanley lost 2.6% in the premarket.
Taiwan Semiconductor (TSM) – The chip maker’s stock rose 1.5% in the premarket after second-quarter earnings beat analyst estimates. Taiwan Semi also raised its revenue forecast for the year. Results got a boost from strong markets for automotive and IoT chips.
Ericsson (ERIC) – The Sweden-based telecom equipment company reported a profit that missed analyst estimates, hurt by higher costs for components and logistics. Ericsson shares tumbled 9.1% in premarket trading.
Twitter (TWTR) – Twitter added 1.1% in premarket action, on top of a 12.6% jump over the past 2 sessions. Wednesday’s nearly 8% gain came after Twitter sued Elon Musk to force him to go through with a $44 billion takeover deal. Twitter also said in an SEC filing that it is not planning company-wide layoffs but may continue to restructure the company.
Conagra (CAG) – The food producer reported an adjusted quarterly profit of 65 cents per share, 2 cents above estimates, with revenue essentially in line with forecasts. Conagra saw an impact from higher costs, with operating margins falling by 310 basis points.
Cisco Systems (CSCO) – J.P. Morgan Securities downgraded the networking equipment maker’s stock to “neutral” from “overweight,” based in part on what it sees as downside risks to enterprise spending levels. Cisco fell 2.2% in the premarket.
Dollar General (DG) – The discount retailer’s stock fell 2.3% in the premarket after Citi downgraded it to “neutral” from “buy,” noting that the shares are within 4% of its price target. Citi also feels the recently announced CEO transition will be smooth and does not impact its view of the stock.