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U.S. stock index futures on Tuesday pointed to a higher open, as market participants looked ahead to an appearance from Federal Reserve chair Jerome Powell at an event later in the afternoon. Here are some stocks to watch on Tuesday:
- Johnson & Johnson (JNJ) stock slipped about 1% in pre-market trading, after the pharmaceutical giant slightly revised its annual operational sales guidance and was unable to deliver a quarterly revenue beat. For Q1, J&J (JNJ) earned $2.71 per share on an adjusted basis on revenue of $21.4B. Analysts had been expecting a profit of $2.65 per share on sales of $21.4B. J&J's (JNJ) medical technology business generated quarterly revenue of $7.8B, but fell short of consensus estimates. The company also saw weak growth in sales of its blockbuster psoriasis drug Stelara, seeing a Y/Y rise in revenue of only 0.3% to $2.45B for the medicine. See how J&J (JNJ) performed in charts.
- Shares of Morgan Stanley (MS) added 4% ahead of the opening bell, after the lender announced a Q1 top and bottom line beat. The performance was driven by a credit benefit, a rebound in investment banking activity, and rising wealth management revenue. "As a result of strong net new asset growth, the Firm has reached $7T of client assets across Wealth and Investment Management. Institutional Securities also saw strength across the markets and underwriting businesses," Morgan Stanley (MS) top boss Ted Pick said. The lender's quarterly net interest income of $1.80B dipped from $1.90B a year ago and came in below the Visible Alpha consensus of $1.99B.
- Bank of America (BAC) also cited a rebound in investment banking activity as one of the drivers of its Q1 top and bottom line beat. The lender's stock was among the most actively traded ahead of market open, climbing around 2%. "We reached 36.9M consumer checking accounts, with 21 consecutive quarters of net checking account growth. Our Wealth Management team generated record revenue, with record client balances, and investment banking rebounded," Bank of America (BAC) chief executive Brian Moynihan said. BofA's (BAC) quarterly net interest income came in at $14.2B, down from $14.6B a year ago but beating the Visible Alpha consensus of $14B. See how BAC performed in charts.
- Shares of Trump Media & Technology (DJT) pointed to a marginal rebound in pre-market trading, rising about 1%. They had shed more than 18% in the previous session, after the company registered shares for a potential sale. The social media firm controlled by former U.S. President Donald Trump filed to register 146.11M shares of common stock for holders, 21.49M shares of common stock issuable upon the exercise of warrants, and 4.06M warrants to purchase common stock. Since Trump Media's (DJT) stellar market debut in early March, the stock has slid 62.5% from the opening price of $70.90 to its last close at $26.61.