Bank of America, Morgan Stanley, PNC, Masimo, AT&T and more stock market movers

Bank of America (Ticker: BAC) second-quarter profit rose 19% year-over-year to $7.4 billion, or 88 cents a share, beating expectations of analysts surveyed by FactSet who forecast a profit of $6.9 billion, or 84 cents per share. cents. Revenue jumped 11% to $25.2 billion, just above expectations of $25 billion. One of the main drivers of the dividend gain was the increase in net interest income. The stock rose 0.5%.

Morgan Stanley (MS) rose 0.2% after the investment bank reported profits that fell 12% year over year to $2.2 billion, or $1.24 per share, on $13.5 billion in revenue. Analysts surveyed by FactSet expected earnings of $1.20 per share on $13 billion in revenue.

PNC Financial (PNC) fell 3.1% after the regional bank reported second-quarter revenue of $5.29 billion, Missing Wall Street forecasts $5.45 billion.

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Bank of New York Mellon (BK) fell 0.7% even after the bank reported better-than-expected second-quarter earnings. Net interest income increased 33%.

Synchrony Financial (SYF) gained 0.6% in premarket trading after the credit card company reported an increase in net interest income for the second quarter by 8% to $4.1 billion.

Charles Schwab (SCHW) reported second-quarter adjusted earnings of 75 cents per share on revenue of $4.66 billion, higher than the earnings of 71 cents and revenue of $4.61 billion that analysts had estimated. The stock was up 0.1%.

Shares of Masimo (Masi), the maker of hospital equipment, fell 29 percent after it said it expected second-quarter sales of $453 million to $457 million, well below analyst expectations of $553 million. Among other factors, Massimo

He indicated that large orders had been pushed back to the second half of the year. The company said it is “taking cost-cutting measures in the second half” of 2023.

FB Financial (FBK) stock rose 9.5% after parent company FirstBank reported second-quarter earnings late Monday of 77 cents a share, beating estimates of 65 cents.

Pinterest (PINS) rose 3.4% to $30.14 after analysts at Evercore ISI upgraded the stock to Outperform from In Line with a $41 price target.

US depositary earnings for Novartis (NVS) rose 2.7% in pre-market trading after the Swiss drugmaker raised its full-year outlook and announced a $15 billion buyback.

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Lockheed Martin (LMT) reported second-quarter adjusted earnings of $6.75 per share on sales of $16.7 billion. Wall Street was looking for a profit of $6.45 on sales of $15.9 billion. F-35 deliveries for the second quarter rebounded to 45 units. The stock rose 0.9%.

AT&T (T) rose 0.5% in premarket trading to $13.60 after the carrier fell nearly 7% to $13.53 Monday, its lowest close since February 1993.

Write to Joe Woelfel at [email protected]

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