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JPMorgan, Apple Fall in Premarket, Qualcomm, Plug Power Rise

imageStock Markets5 minutes ago (Oct 13, 2021 08:46AM ET)

(C) Reuters.

By Geoffrey Smith

Investing.com — Stocks in focus in premarket trade on Wednesday, 13th October. Please refresh for updates.

  • JPMorgan (NYSE:JPM) stock rose a modest 0.6% after relying heavily on reserve releases to ensure that its third-quarter earnings beat street forecasts. Revenue from trading and even from M&A fell from the previous quarter, and the bank struggled to grow its core loan book.
  • Blackrock (NYSE:BLK) stock rose 1.8% after the investment behemoth revealed a larger than expected rise in assets under management in the third quarter that had a corresponding effect on fee income. Organic inflows exceeded its 5% target for the sixth quarter in a row.
  • Apple (NASDAQ:AAPL) stock fell 0.6% on a report that it is preparing to cut output of its new flagship iPhone 13 model by over 10% due to chip and component shortages. Bloomberg reported that Texas Instruments (NASDAQ:TXN) and Broadcom (NASDAQ:AVGO) were among those struggling to deliver the volumes required by Apple. Those stocks fell 0.1% and 0.9% respectively.
  • Qualcomm (NASDAQ:QCOM) stock rose 1.6% after the chipmaker announced a $10 billion buyback program.
  • Delta Air Lines (NYSE:DAL) stock fell 1.4% after the first major airline to report third-quarter earnings warned about margin pressure from rising fuel prices. The airline generated an profit of $194 million after stripping out government support and other exceptional items.
  • Plug Power (NASDAQ:PLUG) stock rose 7.1% after an upgrade from Morgan Stanley (NYSE:MS) analysts. The hydrogen fuel-cell company also announced a new partnership with Airbus.
  • SAP ADRs rose 5.1% after the German-based enterprise software giant posted stronger-than-expected preliminary numbers for the three months through September. It also nudged up its full-year revenue guidance by 3%.
  • LVMH ADRs rose 1.8% after the world’s biggest luxury group posted better-than-expected earnings and revenue for the quarter, with its key fashion and leather division posting a 38% annual rise in organic sales. The stock has been hit badly by the political news flow out of China in recent weeks, which some have interpreted as being a bad sign for ostentatious spending in the country.
  • Hasbro (NASDAQ:HAS) stock inched down 0.1% after the toymaker announced the death of its CEO Brian Goldner, aged 58. Goldner had been diagnosed with cancer in 2014.

JPMorgan, Apple Fall in Premarket, Qualcomm, Plug Power Rise

Lordstown Motors names Adam Kroll as CFO

Lordstown Motors names Adam Kroll as CFO
By Reuters – Oct 13, 2021

(Reuters) – Electric-vehicle maker Lordstown Motors Corp on Wednesday named Adam Kroll as chief financial officer.
Lordstown said Kroll brings nearly 25 years of financial,…

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