Investing.com - Stocks in focus in premarket trading on Wednesday:
• Bank of America (NYSE:BAC) stock gained 2% in premarket trade by 8:20 AM ET (12:20 GMT) after its underlying profit beat Wall Street forecasts due to strong consumer lending numbers. The lender said underlying net income rose 4% to $7.5 billion, or an adjusted 75 cents per share, compared to expectations of 55c. Revenue was almost unchanged from a year earlier at $22.8 billion.
• Abbott Laboratories (NYSE:ABT) stock fell 3.1% after it trimmed its profit guidance for the year, to $2.06 to $2.08 from a prior prediction of $2.06 to $2.12. Adjusted EPS for the third quarter came in at $0.84 on $8.1 billion in revenue, which was in line with expectations.
• PNC Financial (NYSE:PNC) stock gained 0.8% after its earnings came in higher than expected. The company reported diluted $2.94 earnings per share on $4.5 billion in revenue, driven by increased loan growth .
•United Airlines (NASDAQ:UAL) stock gained 2% after it raised its full-year outlook due to a surge in passenger bookings.
• MGM Resorts (NYSE:MGM)stock rose 1.5% after reports that it is selling its Bellagio and Circus Circus resorts in separate deals for a total of about $5 billion. The money will be used to reduce the company’s debt.
• McKesson (NYSE:MCK), AmerisourceBergen (NYSE:ABC) and Cardinal Health (NYSE:CAH) were on watch after reports that the three drug distributors are in talks to settle an opioid-related lawsuits for $18 billion, according to the Wall Street Journal. All made substantial gains in after-hours trading on Tuesday.