Bank Income Slide…
Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were mixed on Friday after big-name tech stocks declined yesterday. Today is shaping up to be a big one for some of the largest U.S. banks as several will report earnings before the opening bell (more on that below).
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Here’s a look at the top-moving stocks this morning.
Wells Fargo (NYSE: WFC)
Wells Fargo is down 5.92% in premarket trading after its second-quarter profit declined. The bank had to give out more money to keep deposits amid intense competition for customers’ money. Overall, the bank’s net interest income (NII) slid 9% to $11.92 billion in the second quarter.
Tesla, Inc. (Nasdaq: TSLA)
Tesla is down 2.07% in premarket trading after Bloomberg reported that the electric vehicle (EV) giant is postponing the unveiling of its Robotaxi by two months. The robotaxi launch has been rescheduled to October after it was originally scheduled for August. UBS downgraded TSLA stock to sell with a 197 price target, citing the surging premium for non-auto operations or bets.
AT&T Inc. (NYSE: T)
AT&T is down 2.76% in premarket trading after reports that 109 million customer accounts containing records of calls and texts from 2022 were illegally downloaded in April.
The U.S. telecom company said the FBI is currently investigating and at least one person has been arrested after AT&T call logs were copied from its workspace on a third-party cloud platform.
Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
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