Stocks Making The Biggest Premarket Moves: Bank of America, Pinterest, Masimo And More

Several companies have made significant moves before the market opened:

‍

Bank of America: Bank of America saw a premarket increase of 0.4% after surpassing top and bottom line estimates for the second quarter. The bank's results were supported by more profitable lending, driven by higher interest rates.

‍

Bank of N.Y. Mellon: The bank reported better-than-expected profit and revenue for the second quarter. Similar to Bank of America, Bank of N.Y. Mellon benefited from the impact of higher interest rates. However, the stock experienced a decline of more than 1%.

‍

PNC Financial: PNC Financial fell 2.7% in premarket trading after posting lower-than-expected quarterly revenue, despite beating earnings forecasts. Both deposits and net interest income declined at PNC.

‍

Verizon and AT&T: Verizon gained 1% in premarket trading, while AT&T rose 0.7%. Both companies have recently experienced a decline in stock prices, with AT&T reaching its lowest level since 1993 on Monday and Verizon dipping to its lowest since 2010. Analysts have expressed concerns about potential liability associated with miles of lead-encased cables across the U.S.

‍

Masimo: Masimo plummeted 28% in premarket trading after the medical device maker forecasted lower-than-expected sales for the second quarter. This decline was attributed to hospitals reducing equipment spending amidst increased personnel costs.

‍

Novartis: Novartis jumped 2.9% in premarket action after raising its full-year outlook due to strong pharmaceutical sales. Novartis also announced plans for the spin-off of its generic drug division, Sandoz, which is scheduled to 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 cited the stabilization of digital ad spending and indications of a recovery in the second half of the year.

‍

Norwegian Cruise Line: The stock of Norwegian Cruise Line slid 1.8% in premarket action after being downgraded from a buy to a hold by Truist. Although the firm remains optimistic about cruise industry trends, it noted the stock's recent outperformance.

‍