Check out which companies are making headlines before the bell:
BlackRock – The asset management firm reported adjusted quarterly profit of $6.66 per share, 11 cents above estimates. Revenue also came in above forecasts. BlackRock’s overall profits were up more than 25 percent from a year ago, helped by increased fee revenue, larger profit margins, and a lower tax rate.
Bank of America – The bank beat estimates by 6 cents a share, with second quarter profit of 63 cents per share. Revenue also came in above Street forecasts. Bank of America’s results were boosted by loan growth, lower expenses, and a smaller tax rate.
United Parcel Service, FedEx – UBS upgraded UPS to “buy” from “neutral,” while cutting rival FedEx to “neutral” from “buy.” UBS said FedEx’s large global footprint makes it more vulnerable to tariffs and ongoing trade tensions, while saying UPS has multiple cost and productivity drivers in place as well as benefits from a new agreement with the Teamsters union.
JB Hunt Transport – The transportation company earned $1.37 per share for the second quarter, 9 cents a share above estimates. Revenue also topped forecasts. JB Hunt was helped by higher rates and increased volume, although that was partially offset by higher wages and increased transportation costs.
Papa John’s Pizza – Papa John’s accepted the resignation of founder John Schnatter following racial comments in a conference call, and the company also said it would no longer use Schnatter’s image in any advertising or marketing materials associated with the Papa John’s brand.
Boeing – Boeing announced an order from logistics company DHL for 14 freight aircraft, worth $4.7 billion. The announcement came on the first day of the Farnborough Airshow.
Raytheon – Raytheon said its “StormBreaker” bomb had entered the operational testing phase. The bomb is designed to give Air Force pilots the ability to hit moving targets in bad weather.
Lockheed Martin – Lockheed has struck a preliminary deal to sell $13 billion worth of F-35 jets to the Pentagon, according to Reuters. The deal reportedly paves the way for a larger multi-year purchase that would cut the jet’s price by about six percent.
Goldman Sachs – Goldman will formally name President David Solomon as its next chief executive officer, according to The New York Times. The paper said the announcement could be made as soon as today.
Wells Fargo – Wells Fargo was upgraded to “outperform” from “market perform” at Keefe, Bruyette & Woods, which cites improved expense control and capital return at the bank.
Arconic – Arconic is drawing interest from private-equity firms, according to The Wall Street Journal. The paper said Apollo Global Management is among the firms interested in the aerospace parts maker.
Source: Investment Cnbc
Stocks making the biggest moves premarket: BLK, BAC, UPS, FDX, JBHT & more