Check out the companies making the biggest moves before the bell:
Bank of America — Bank of America added 0.4% in the premarket after beating top and bottom line estimates for the second quarter. BofA’s results were helped by more profitable lending, boosted by higher interest rates.
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Bank of N.Y. Mellon — The bank reported better-than-expected profit and revenue for the second quarter. Like BofA, Bank of N.Y. Mellon benefited from the impact of higher interest rates. However, the stock fell more than 1%
PNC Financial — PNC fell 2.7% in the premarket after posting lower-than-expected quarterly revenue, even as earnings beat forecasts. Deposits and net interest income both fell at PNC.
Verizon, AT&T — Verizon gained 1% in premarket trading, while AT&T rose 0.7%. Both have been tumbling in recent days, with AT&T hitting its lowest level since 1993 Monday and Verizon dipping to its lowest since 2010. Analysts have been concerned about potential liability from miles of lead-encased cables across the U.S.
Masimo — Masimo plummeted 28% in the premarket after the medical device maker forecast lower than expected sales for its second quarter, as hospitals cut back on equipment spending amid increased personnel costs.
Novartis — Novartis jumped 2.9% in premarket action after the drug maker raised its full-year outlook on strong pharmaceutical sales. Novartis also said its planned spin-off of generic drug division Sandoz would take place early in the fourth quarter.
Pinterest — Pinterest rallied 3.3% in off-hours trading following an upgrade to “outperform” from “in-line” at Evercore ISI. Evercore said it sees digital ad spending stabilizing, with indications of a recovery in the second half of the year.
Norwegian Cruise Line — The cruise line operator’s stock slid 1.8% in premarket action after Truist downgraded the stock to a hold from a buy. The firm is bullish on cruise industry trends but notes the stock’s recent outperformance.
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