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United Airlines, Moderna, IBM and more

by Index Investing News
January 18, 2023
in Stocks
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A United Airlines plane taxis at Newark International Airport, in Newark, New Jersey, on January 11 2023.

Kena Betancur | AFP | Getty Images

Check out the companies making headlines in premarket trading.

United Airlines – Shares of United Airlines rose 3.5% after the company reported quarterly earnings that topped Wall Street’s estimates for the fourth quarter, signaling strong demand amid higher prices. United posted adjusted earnings per share of $2.46 on $12.4 billion in revenue. Analysts expected adjusted earnings per share of $2.10 and $12.2 billion in revenue, per Refinitiv.

Moderna – Moderna rose 7.5% after the pharmaceutical company said Tuesday that its RSV vaccine is 84% effective in preventing disease in older adults. A clinical trial also showed no safety concerns for the vaccine, which uses the same messenger RNA technology as the Moderna Covid-19 shot.

IBM — IBM shares dipped about 2% before the bell after Morgan Stanley downgraded the stock to equal weight from an overweight rating, and cited concerns of decelerating revenue growth.

J.B. Hunt Transport Services — The transportation stock shed more than 1% after fourth-quarter results fell short of analysts expectations. Analysts surveyed by StreetAccount had anticipated adjusted earnings of $2.44 per share on revenues of $3.81 billion. J.B. Hunt shared earnings of $1.92 and $3.65 billion in revenue.

PNC Financial — The regional bank fell more than 4% after PNC’s fourth quarter results missed Wall Street estimates. PNC reported $3.49 in adjusted earnings per share on $3.68 billion of revenue. Analysts surveyed by StreetAccount had penciled in $3.95 per share on $3.74 billion of revenue.

Interactive Brokers — The brokerage saw shares rise 2.5% after reporting strong financial results for its most recent quarter. Earnings came in at $1.30 per share, compared to estimates of $1.17 per share, according to StreetAccount. Adjusted net revenue of $958 million was also higher than estimates of $924.2 million.

Levi Strauss — The apparel company slid 1.7% after being downgraded by Bank of America to neutral from buy. The Wall Street firm said it sees 20% downside to earnings per share estimates for the first half of the year and is uncertain that denim demand will improve in the second half.

Oatly — The food stock jumped 6.7% following an upgrade by analysts at Mizuho, citing improving liquidity. After a difficult 2022, the firm also said Oatly should benefit from resilient demand plant-based beverages.

Yeti — Yeti shares dipped 1.7% after Cowen downgraded the cooler company to a market perform from an outperform rating, citing risks to consensus growth expectations.

Skechers — Shares slipped 2.1% after Morgan Stanley downgraded Skechers to equal weight from overweight. The bank said the footwear stock trades near the higher end of its historical valuation range.

GoDaddy — GoDaddy’s stock gained about 4% following an upgrade to outperform from and line at Evercore ISI. Analysts said the company’s business model should hold up well even in a recession.

— CNBC’s Carmen Reinicke, Michelle Fox, Jesse Pound and Tanaya Macheel contributed reporting



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