Here’s a look at companies making waves in pre-market trading. Regional bank stocks saw a rise after recently dragging the broader market down. Zion climbed over 1% following an upgrade from Baird, while Western Alliance increased by nearly 1%. The SPDR S&P Regional Banking ETF (KRE) also saw a modest gain of 0.4%. Jefferies’ stock bounced back 3% after plummeting more than 10% the previous day. Oppenheimer upgraded it to outperform, although they noted that Jefferies’ exposure to First Brands is “very limited.”
In the railroad sector, CSX shares jumped 2.5% after reporting third-quarter profits that exceeded expectations. They posted adjusted earnings of 44 cents per share on $3.59 billion in revenue, surpassing analyst predictions of 42 cents per share and $3.58 billion in revenue.
On the other hand, Interactive Brokers Group’s shares dipped 2.6%, despite a solid third-quarter earnings report that showed 57 cents per share on revenue of $1.61 billion, beating expectations of 54 cents and $1.52 billion. Oracle’s stock also fell by 2.4%, recovering some of the losses from the previous day, even as it confirmed a cloud computing agreement with Meta.
OZK Bank experienced a decline of about 2% after their third-quarter profits missed expectations, echoing the broader trend seen in local bank sell-offs. Their profit was reported at $1.59 per share, lower than the analysts’ consensus estimate of $1.66.
Pharmaceutical stocks Novo Nordisk and Eli Lilly both dropped roughly 4% after President Trump suggested obesity drug prices could be significantly lower. However, Dr. Mehmet Oz, who heads the Centers for Medicare and Medicaid Services, mentioned that the GLP-1 drug’s price hasn’t been negotiated yet by the White House.
Fifth Third shares rose 2.8% after announcing the acquisition of Comerica last week and reporting better-than-expected third-quarter earnings. They posted revenue of 91 cents per share, or $2.31 billion, compared to the forecast of 87 cents or $2.28 billion. Comerica’s stock also increased by 0.8% post-earnings announcement.
Micron Technology shares fell 1.8% after reports surfaced that the company plans to exit its server chip business in China. According to sources cited by Reuters, Micron’s operations in China hadn’t recovered following a 2023 ban on its products in critical infrastructure.
Huntington Bancshares stood out with a 2% increase, as their third-quarter earnings hit 41 cents per share, beating the consensus estimate of 37 cents. American Express rose about 1%, beating third-quarter expectations and raising its full-year outlook. They reported a profit of $18.43 billion, or $4.14 per share, surpassing the expected $18.05 billion and $4 per share.
Trust Financial shares gained 2.8% after reporting third-quarter results that exceeded expectations. They showed earnings of $1.07 per share on revenue of $5.24 billion, above the anticipated $1.00 and $5.2 billion.
Lastly, stocks in the space technology sector, particularly Intuitive Machines, surged by 4.8% following an upgrade from Deutsche Bank, which suggested that the share price offers an attractive risk-reward ratio with promising commercial developments ahead.
