By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Friday, April 16th. Please refresh for updates.
Morgan Stanley (NYSE:MS) stock fell 2% despite the investment bank reporting a 150% jump in quarterly profit, as a global dealmaking boom boosted investment banking and heightened trading activity lifted its institutional securities division. Expectations were already extremely strong after the week’s previous banking results.
Bank of NY Mellon (NYSE:BK) stock rose 0.3% after the financial firm beat estimates in its first quarter report, continuing the sector’s strong start to the fiscal year.
PNC Financial (NYSE:PNC) stock rose 0.4% after the bank beat estimates on the top and bottom lines for its first-quarter report, however disappointed as its net interest margin declined.
Coinbase Global (NASDAQ:COIN) stock fell 0.2% in continued volatile trading after Wednesday’s direct listing. Cathie Wood’s ARK funds have snapped up over $350 million worth of shares in the biggest U.S. cryptocurrency exchange in the last two days.
DraftKings (NASDAQ:DKNG) stock rose 4.7% after the sports betting operator announced it has signed a deal with the NFL to become one of the league’s official sports-betting partners. The company also renewed its daily fantasy football partnership with the league.
Alcoa (NYSE:AA) stock rose 3.2% after the aluminum producer reported a better-than-expected first-quarter result, with the price of metal surging amid optimism that reopening economies will spur demand for everything from automobiles to airplanes and toasters.
PPG Industries (NYSE:PPG) stock rose 4.5% after the supplier of paints announced first-quarter results that topped analyst predictions, thanks to pandemic-driven home improvement trends.
Quantumscape stock rose 1.6%, rebounding after Thursday’s sharp losses with the company’s supporters responding to Scorpion Capital’s criticism by dismissing it as ‘hearsay’. The company said via Twitter that it stands by its data, which “speaks for itself”.
Pfizer (NYSE:PFE) stock rose 0.4% after the drugmaker’s CEO Albert Bourla said people will ‘likely’ need a third booster dose of Covid-19 vaccines within 12 months and could need annual shots. Pfizer’s vaccine hasn’t seen any of the blood clotting problems that some of its rivals’ drugs have and reportedly declined to cooperate with Johnson & Johnson (NYSE:JNJ) into the possible causes of the blood clots that have killed some of those who have taken the adenovirus vaccines made by J&J and AstraZeneca (NASDAQ:AZN). Pfizer’s vaccine, like Moderna’s, is based on messenger RNA technology, by contrast.
Simon Property Group (NYSE:SPG)stock rose 1.1% after Jefferies (NYSE:JEF) upgraded the real estate company to ‘buy’ from ‘hold’, citing pent-up consumer demand and lower than expected bad debt levels.