Stocks making the biggest moves premarket: Charles Schwab, Dell, Alphabet, HP Inc. & more
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Check out the companies making headlines before the bell Monday.
Charles Schwab — Shares of Charles Schwab gained 3% on better-than-expected earnings. The company posted a profit of 93 cents per share, beating a Refinitiv forecast of 90 cents per share. Schwab's revenue of $5.12 billion was roughly in line with estimates. The brokerage has been under pressure since the collapse of Silicon Valley Bank, as investors feared the company could suffer a similar fate. To be sure, Schwab has defended its financial position, noting its loan-to-deposit ratio is low.
Alphabet – Shares of the Google parent slid 4% in early morning trading after The New York Times reported that Samsung is discussing using Microsoft's Bing as the default search engine on its devices given its recent AI technology advancements, which would replace Google. The report, citing internal messages, said Alphabet learned about the discussions in March and that about $3 billion in annual revenue is at stake.
M&T Bank — The regional bank stock jumped 3% after the company posted its latest quarterly figures. M&T Bank posted adjusted earnings of $4.09 per share, beating a Refinitiv forecast of $3.99 per share. The bank's revenue of $2.41 billion also topped a consensus estimate of $2.38 billion.
Lumentum — The optical fiber manufacturer rose slightly after JPMorgan upgraded the stock to overweight from neutral. The firm said Lumentum's current valuation is pricing in «more headwinds than realistic.»
Wolfspeed — Shares lost 2.7% after JPMorgan downgraded the electronics company to neutral from overweight, saying it envisions near-term «negative catalysts» that will limit Wolfspeed's revenue and gross margins in the next few quarters. The bank also
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