Stocks making the biggest moves premarket: JNJ, GS, RUN

Check out the companies making headlines before the bell on Tuesday.

Goldman Sachs — The investment bank said first quarter revenue totaled $12.22 billion, below the $12.79 billion consensus estimate of analysts polled by Refinitiv. Fixed income, currencies and commodity trading was $3.93 billion in the first quarter, well below the $4.16 billion Wall Street estimate, according to FactSet. Goldman shares declined by nearly 4%. Goldman also said it took a $470 million hit tied to the sale of consumer loans in its Marcus unit.

Johnson & Johnson — The drug and consumer products maker said first quarter sales rose 5.6% to $24.75 billion, above the $23.67 billion consensus estimate of analysts polled by Refinitiv. Adjusted earnings came in at $2.68 per share ex-items, above the consensus estimate of $2.50. The CEO noted “strong performance” across all three business segments with the company raising 2023 guidance midpoints. Shares of the Dow Industrials constituent gained more than 1% premarket.

Bank of America — The Charlotte-based bank gained about 1.8% after topping first-quarter expectations on the top and bottom lines as interest rates rose. Higher rates helped boost BofA’s net interest income by 25% to $14.4 billion in the period.

Sunrun — The residential solar energy company’s shares rose 4.2% after KeyBanc upgraded the stock to overweight from sector weight. The bank said Sunrun could rally more than 31% from Monday’s close as it gains market share in California. Shares are down 14.4% year to date.

Nvidia — Shares of the chipmaker rose 2.4% Tuesday after HSBC upgraded the stock two levels, to buy from reduce. The firm said Nvidia is showing it has more power in pricing artificial intelligence chips than previously thought. Shares of Nvidia have already soared about 85% since the start of the year, and HSBC thinks there’s room for even more appreciation. 

Lockheed Martin — Shares rose nearly 1% premarket after the aerospace and defense contractor beat Wall Street’s expectations in the first quarter and reaffirmed its full-year guidance.

Chubb — The insurer added 1.7% on the back of an upgrade from Bank of America to buy from neutral. The firm said Chubb has multiple paths for growth and is skewed to high-net-worth customers who can help mitigate the negative impacts of inflation on the top line.

Bank of New York Mellon — The custody bank’s shares were up 0.8% Tuesday morning despite first quarter revenue missing estimates. Bank of New York Mellon reported $4.36 billion in revenue, while Wall Street had anticipated $4.4 billion, according to consensus estimates from Refinitiv.

PowerSchool Holdings — Shares added more than 3% in early trading after Goldman Sachs upgraded the education technology to buy from neutral. The bank assigned a $24 price target on the company, which suggests the stock could gain as much as 22% from Monday’s close.

— CNBC’s John Melloy, Samantha Subin, Hakyung Kim, Alex Harring and Brian Evans contributed reporting.