Check out the companies making headlines before the bell: JPMorgan Chase — Shares were down slightly in the premarket after the banking giant posted Q2 results. The bank earned $6.14 per share, excluding significant items, on revenue of $58.02 billion. Analysts polled by LSEG expected a profit of $5.85 per share on revenue of $50.19 billion. To be sure, it wasn’t clear if the bank’s profit was comparable to the consensus. Bank of America — Bank of America beat expectations in its latest quarter. The bank posted earnings of $1.21 per share, more than the $1.13 expected by analysts polled by LSEG. Revenue of $31.7 billion also exceeded the $30.72 billion consensus estimate. To be sure, shares were flat in the premarket. Wells Fargo — The stock were down 1% even after Wells Fargo posted earnings of $2 per share on revenue of $22.62 billion. Analysts surveyed by LSEG were anticipating earnings of $1.72 per share on revenue of $21.84 billion. Goldman Sachs — Shares added 1.4% after the bank posted second-quarter earnings that exceeded estimates. Goldman posted earnings of $20.98 per share, more than the $14.48 LSEG consensus estimate. Revenue of $20.34 billion also topped the $16.13 billion expected. Citigroup — The bank fell 2% even after Citigroup posted its best quarterly revenue in a decade. Citigroup posted second quarter earnings of $3.15 per share, more than the $2.74 expected by analysts surveyed by LSEG. Revenue of $24.77 billion also exceeded the anticipated $23.74 billion. Apple — Shares of the iPhone maker slid about 1% KeyBanc downgraded Apple to underweight from sector weight, with a $250 price target implying 21% downside from Monday’s close. The Wall Street firm expects the stock could come under pressure as customers tighten their purse strings in response to rising prices. IBM — The legacy tech giant plunged 17% after it posted weaker-than-expected preliminary Q2 earnings. IBM expects to report a profit of $2.93 per share, excluding certain items. Analysts polled by FactSet expect a profit of $3.01 per share. Telefonaktiebolaget LM Ericsson — Shares of the Swedish networking and telecommunications provider dropped nearly 10%. The company posted disappointing revenue of SEK52.70B, missing the consensus estimate of SEK53.94B, according to StreetAccount. Adjusted gross margin of 48.4% also came in below the 47.8% expected. — CNBC’s Fred Imbert contributed reporting
Stocks making the biggest moves premarket: JPM, BAC, IBM, AAPL
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