Stocks making the biggest moves premarket: Morgan Stanley, Sunrun, Comcast and more

Market Insider

Aaron Newsom, left, an installer for the solar company, Sunrun, and Tim McKibben, a senior installer, prepare solar panels to be installed on the roof of a home in Granada Hills.
Mel Melcon | Los Angeles Times | Getty Images

Check out the companies making headlines before the bell:

Morgan Stanley (MS) — Morgan Stanley topped analysts expectations for first quarter earnings on the back of better-than-expected bond trading results, sending shares up in the premarket. The major U.S. bank reported earnings of $2.19 per share on revenue of $15.72 billion.

Sunrun (RUN) – Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an “overweight” rating. In a note to clients, the firm said the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.

Cisco (CSCO) — Cisco shares rose 1.1% in premarket trading Friday after Wolfe Research upgraded the equity to “outperform.” Analyst Jeff Kvaal wrote that “Strong  IT spending should prove a tailwind to Cisco  estimates” through fiscal year 2022 and said shares should climb to $63, representing a 22% upside from Thursday’s close.

PNC Financial (PNC) — The bank stock dipped 1.9% in premarket trading even after PNC beat estimates on the top and bottom lines for its first-quarter report. PNC reported $4.10 in earnings per share on $4.22 billion in revenue. Analysts surveyed by Refinitiv had penciled in $2.75 per share and $4.12 billion in revenue. The bank’s net interest margin declined and missed expectations, according to FactSet.

Comcast (CMCSA) — Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects strong first-quarter earnings results from the media giant. “We believe there is future NBCU upside from HSD strength, Peacock sub growth, improved theatrical revenue, and phased theme park reopenings,” wrote analyst Frank Louthan.

Simon Property Group (SPG) — Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.

Bank of New York Mellon (BK) — Shares of the bank ticked up 1% in premarket trading after Bank of New York Mellon beat analyst estimates in its first quarter report. The firm earned 97 cents per share on $3.92 billion in revenue. Analysts surveyed by Refinitiv were looking for 87 cents per share and $3.85 billion in revenue.

United Airlines (UAL) — Shares of the United Airlines popped in premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it likes the airline’s plans to limit capacity, reduce structural costs by $2 billion, and restore margins to pre-pandemic levels.

Coinbase (COIN) — Shares of the newly public cryptocurrency exchange dipped in premarket trading on Friday. The weakness came despite another vote of confidence from popular investor Cathie Wood, whose Ark Invest purchased about $110 million of the stock on Thursday.

— with reporting from CNBC’s Pippa Stevens, Jesse Pound and Tom Franck.

Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.

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