Check out the companies making headlines before the bell:
Bank of America (BAC) – Shares of Bank of America rose 3.2% premarket after beating estimates by 6 cents with quarterly earnings of 82 cents per share. Revenues were slightly lower than expected, but the bank’s overall performance was helped by strength in investment banking.
UnitedHealth Group (UNH) – UnitedHealth earned an adjusted $4.48 per share for the fourth quarter, 17 cents above estimates, and the health insurer’s revenue also beat forecasts. UnitedHealth has drawn particular strength from the pharmacy benefit management business of its Optum unit.
Morgan Stanley (MS) – Morgan Stanley jumped 3.5% premarket after beating estimates by 10 cents with quarterly earnings of $2.01 per share and revenue mostly in line with forecasts. Results were boosted by robust transaction advisory fees in a very active quarter for M&A transactions.
Procter & Gamble (PG) – P&G added 1% in the pre-market after beating estimates on top and bottom results for its fiscal second quarter and raising its outlook for organic growth. P&G beat estimates by a dime with earnings of $1.66 a share as consumers shrugged off price increases for the company’s commodities.
Sony (SONY) – Sony fell 3.9% in premarket trading on top of a 7.2% slippage on Tuesday. The decline followed news of Microsoft’s (MSFT) deal to buy video game maker Activision Blizzard (ATVI) for $68.7 billion, a deal that would increase competitive pressure on Sony’s PlayStation operation. .
Alliance Data Systems (ADS) – Alliance Data lost 1.7% in pre-market action, following news that warehouse retailer BJ’s Wholesale (BJ) is transferring its co-branded credit card account to Capital One ( COF). Alliance is also being sued by BJ’s, which claims the store’s credit card specialist is slowing down the transfer process. Alliance said it believes it is in full compliance with its contract.
SoFi Technologies (SOFI) – SoFi jumped 18% in premarket stock after the fintech company won regulatory approval to become a bank holding company.
Zogenix (ZGNX) – Zogenix climbed 65.9% in the pre-market after agreeing to be acquired by Brussels-based biopharmaceutical company UCB for $26 per share, compared to Zogenix’s closing price of $15.64 Tuesday. UCB would also pay an additional $2 a share if Zogenix’s fintepla drug – a treatment for a rare type of epilepsy – gains EU approval by the end of 2023.
Tegna (TGNA) – Tegna is close to finalizing a $9 billion deal that will be acquired by private equity firms Apollo Global Management and Standard General, according to people familiar with the matter who spoke to the New York Post. The newspaper said the TV station operator initially expected a severance fee of around $500 million if the deal did not receive FCC approval in a timely manner, but has now backed out of that request. . Tegna rebounded 4.9% premarket.
ASML (ASML) – Shares of ASML rose after posting better-than-expected fourth-quarter earnings. The Dutch chipmaker also released an upbeat sales growth forecast for 2022, with shares adding 2.2% in premarket trading.
Pearson (PSON) – Pearson raised its full-year guidance on the strength of its educational publishing portfolio and a better-than-expected outlook for higher education courseware in the United States. Pearson shares jumped 7.2% premarket.
Correction: Tegna was seeking a severance fee of about $500 million as part of a deal to be bought out by private equity firms, according to the New York Post. An earlier version of this story misrepresented the figure.