By Joe Woelfel
Stock futures pointed to a weaker start for Wall Street Friday ahead of earnings from some of the largest U.S. banks.
These stocks were poised to make moves Friday:
Tesla was falling 5.2% in premarket trading after the electric-vehicle maker late Thursday unveiled a new "cybercab" without a steering wheel or pedals that would cost under $30,000, and a "robovan" that can transport up to 20 people at a time or carry goods. CEO Elon Musk also talked about starting limited robotaxi service as early as 2025. But first the company planned to deploy a fully autonomous version of its Full Self-Driving software in Texas and California next year, which would run on two of its existing vehicles, the Model 3 and Model Y. The cybercab will come in 2027.
JPMorgan Chase was down 0.3% in premarket trading ahead of third-quarter earnings from the largest U.S. bank by assets. It's expected that the bank's profit and net interest income during the quarter fell from a year earlier. Wall Street sees JPMorgan reporting third-quarter earnings of $3.99 a share, down from $4.33 in the same period in 2023, and NII of $22.7 billion, compared with $22.9 billion a year earlier.
Wall Street expects Wells Fargo to report third-quarter earnings Friday of $1.28 a share, below year-earlier profit of $1.48. Net interest income was predicted at $11.9 billion compared with the year earlier's $13.1 billion. Like other lenders, Wells Fargo's guidance on NII will draw significant attention from investors. The stock fell 0.3%.
BlackRock, the world's largest asset manager, is forecast by analysts to post adjusted third-quarter earnings of $10.36 a share. The company earned $10.91 a share a year earlier. Shares rose 0.3% ahead of the earnings report.
Earnings reports are also expected Friday from Bank of New York Mellon and Fastenal.
Advanced Micro Devices was up 0.6% on Thursday after the company launched its latest data center artificial-intelligence chip, the Instinct MI325X. Nvidia's newer, more powerful Blackwell GPUs -- which just started reaching customers this quarter -- are likely to far outperform AMD's MI325X, according to Barron's reporter Tae Kim. Nvidia shares fell 0.3%.
Aehr Test Systems jumped 11% after fiscal first-quarter earnings and revenue fell from a year earlier but the supplier of semiconductor test and burn-in equipment said it was moving into large and fast-growing markets, "such as artificial intelligence processors, gallium nitride power semiconductors, hard disk drive components and flash memory devices."
Triumph Group, the aerospace and defense supplier, is looking into options, including a sale of the company, Bloomberg reported, citing people familiar with the matter. Triumph shares rose as much as 26% on Thursday and closed with a gain of 21%. In premarket trading Friday, the stock rose 0.9%.
Write to Joe Woelfel at joseph.woelfel@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
October 11, 2024 04:45 ET (08:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments