Check out the companies making headlines in pre-market trading. JPMorgan Chase – The bank fell 2.4% despite beating estimates on both lines and lower than expected credit costs. However, the bank said net interest income, a key measure of revenue from its lending activities, would likely be below Wall Street analysts’ expectations for 2024. Chief Executive Jamie Dimon also warned that continued inflationary pressures would weigh on the economy. Wells Fargo — Shares of Wells Fargo fluctuated after reporting first-quarter earnings, but were up less than 1% recently. The bank’s revenue and profit beat Wall Street forecasts, but net interest income fell. Citigroup — Citigroup rose more than 2% after reporting revenue of $21.1 billion, topping analysts’ expectations of $20.4 billion, according to data from LSEG (formerly Refinitiv). BlackRock — Shares of BlackRock rose 2% after the investment manager reported a better-than-expected quarterly report. BlackRock expected earnings of $9.81 per share, excluding items, on revenue of $4.73 billion, while analysts polled by LSEG had forecast earnings of $9.35 per share on revenue of $4.68 billion. Globe Life – The insurance company gained about 9% in extended trading on Friday, rebounding after plunging more than 50% in the previous session. Thursday’s sell-off followed a report from short-seller Fuzzy Panda Research, in which the firm claimed multiple incidents of insurance fraud and said it held a short position in the stock. Paramount — Shares fell about 1% after the media company proposed reducing the number of directors to seven from 11. There are reports that Paramount is in merger talks with Skydance. Mobileye — Shares of Mobileye rose 2% after Wolfe Research upgraded the self-driving car technology company to outperform its peers and said most of its downside risks have passed after a sharp decline at the start of the year. GitLab — Shares of GitLab rose 2.5% after Raymond James upgraded the stock to outperform from market perform. The company expects the software company to achieve continued growth and improved profitability in the future. Corteva — Shares fell 2.6% after JPMorgan downgraded the stock to neutral from overweight. JPMorgan Chase & Co. said the agricultural chemicals company’s stock looked unattractive ahead of its first-quarter earnings report. Ciena — Shares fell 1.3% after Citigroup gave the stock a sell rating, saying the networking systems company’s artificial intelligence opportunities are farther away than investors expected. The company’s $44 price target implies a downside of about 7% from Thursday’s closing price of $47.10. —CNBC’s Tanaya Macheel, Samantha Subin, Sarah Min and Michelle Fox contributed reporting.
