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JP Morgan Chase – Reported a 155% jump in quarterly profit on Tuesday that trounced estimates as the largest U.S. bank gained from a surge in dealmaking and released more reserves it had set aside last year for potential pandemic-related loan defaults. The bank’s net income rose to $11.9 billion, or $3.78 per share, in the quarter ended June 30, from $4.7 billion, or $1.38 per share, a year earlier. Revenue fell 7% to $31.4 billion. Analysts on average had expected earnings of $3.21 per share, according to Refinitiv.
Goldman Sachs Group – Reported a surge in second-quarter profit on Tuesday as Wall Street’s biggest investment bank cashed in on record global deal making activity. Net earnings applicable to common shareholders rose to $5.35 billion in the three months ended June 30, from $2.25 billion a year earlier. Earnings per share rose to $15.02 from $6.26 a year earlier. Analysts on average had expected a profit of $10.24 per share.
PepsiCo – The soda maker’s shares are up 2% in early trading after the company posted better than expected Q1 results and said it expects FY core earnings per share to increase 11% vs high-single-digit rise expected earlier. Reported quarterly adjusted earnings of $1.21 per share for the quarter ended in March. The mean expectation of nineteen analysts for the quarter was for earnings of $1.12 per share. Revenue rose 6.8% to $14.82 billion from a year ago; analysts expected $14.55 billion.
Boeing Co – Announced it will cut its 787 Dreamliner production rate as it works through a new production-related structural defect in its troubled twin-aisle airliner program. The company now forecasts delivering fewer than half of the 100 or so 787 jets in its inventory this year – instead of the “vast majority” it had expected. BA said it will not disclose a new production rate for the 787 jets, but says it would shift temporarily below the current rate of five jets per month. The company handed over 45 planes to customers in June, its highest monthly total since March 2019, when the second of two fatal 737 MAX crashes occurred.
Meme Stocks – Shares of Clover Health Investments raced back to the #1 position on the WSB sentiment list yesterday which sent the stock soaring late in the session. Creatd Inc. was the second most mentioned ticker on Stocktwits Monday, CRTD had massive volume with 97.7% of messages reflecting positive sentiment toward the ticker. Shares of Virgin Galactic also made an appearance on the Reddit forum yesterday along with one-time Context Logic. Exela Technologies Inc. is also among the most actively traded premarket again this morning, the company said Monday it has expanded its offering in AI-enabled automation in the business process automation space with Intelligent Document Processing combined with its robotic process automation platform. CLOV, SPCE, WISH, XELA, AMC, WORX, CRTD
Walt Disney Co – Announced late yesterday it will raise subscription prices for its ESPN+ sports streaming platform. The monthly price goes up by $1 to $6.99, while the annual plan will increase by $10 to $69.99.
Tesla Inc – Set for a fourth straight day of gains even as Elon Musk continues testifying in a US court in defense of Tesla’s 2016 acquisition of SolarCity, Monday he insisted in court that TSLA board controls the company but also said the electric vehicle maker would “die” if he wasn’t its chief executive, as he ended his first day of testimony. Musk is set to return to the witness stand on Tuesday for a second day to defend the acquisition.
Orbsat Corp – Announced it ahs expanded its global e-commerce presence to 190 countries with its official launch on Alibaba.com, the World’s Largest Business-to-Business E-Commerce Platform.
Baosheng Media Group Holdings Ltd – Small-cap, low float Chinese media company active premarket with little catalyst coming off an impressive late day rally yesterday.
ChargePoint Holdings – Trading lower premarket after it launched a 12 mln share offering by existing holders. BofA, Goldman, and Oppenheimer acting as joint lead bookrunners, joined by Morgan Stanley, for offering slated to price Weds after market close.