By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, January 15th. Please refresh for updates.
JPMorgan Chase (NYSE:JPM) stock fell 0.8%, as a big release of credit provisions booked earlier in the pandemic and a strong quarter from its investment bank masked a clear drop in revenue from the bank's core lending business.
- Wells Fargo (NYSE:WFC) stock fell 2.3%, hit by $1 billion of restructuring and legacy costs, which overshadowed a higher quarterly profit.
- Citigroup (NYSE:C) stock fell 1.4%, after the banking giant reported a 7% decline in fourth-quarter profit, despite also being able to release cash it had previously set aside for bad loans.
Xiaomi (OTC:XIACF) ADR will be in focus after the smartphone maker’s Hong Kong stock fell over 10% on the Trump administration’s decision to add it to a blacklist of alleged Chinese military companies.
Alibaba (NYSE:BABA) ADR climbed 1.6% as the Chinese e-commerce company avoided being blacklisted.
Plug Power (NASDAQ:PLUG) stock fell 3.2%, continuing Thursday’s 4% drop after JPMorgan started coverage of the hydrogen fuel-cell manufacturer with a price target that offered 14% downside, saying the company was “fully valued”.
Hewlett Packard (NYSE:HPE) stock rose 3% after JPMorgan upgraded its investment stance on the enterprise software maker to "overweight" from "neutral", looking for over 28% upside to its target price from the previous closing price.
PNC Financial (NYSE:PNC) stock fell 2.2% after reporting a fall in revenue in the fourth quarter from a year ago. Profit rose year-over-year as it too released some funds previously provisioned for credit losses.
- Exxon Mobil (NYSE:XOM) stock fell 2.2% after the Wall Street Journal reported that the SEC has launched an investigation after a whistleblower complaint alleging that the energy giant overvalued a key asset in the Permian Basin.