Stocks making the biggest moves premarket: Tesla, Delta, Qualcomm, Bank of America and more
Check out the companies making headlines in premarket trading. Tesla — Shares of the electric vehicle company fell more than 3% in premarket trading after Tesla cut prices on both the Model 3 and the Model Y in China a day earlier. Tesla also said its production plant in Berlin will face disruptions due to rerouted shipping avoiding attacks in the Red Sea . Delta Air Lines — The airline stock dropped nearly 5%. Delta reported fourth-quarter earnings of $1.28 per share, topping the LSEG, formerly known as Refinitiv, consensus estimate of $1.17 in earnings per share. Revenue of $13.52 billion was in line with estimates. Separately, the company announced a deal with Airbus to buy 20 A350-1000s, with deliveries set to start in 2026. JPMorgan Chase — The financial giant added nearly 2% after fourth-quarter revenue topped expectations. However, JPMorgan Chase reported a 15% year-over-year profit decline for the October to December period. Bank of America — Shares slipped 1.6% after the bank reported net income of $3.1 billion for the fourth quarter, down more than 50% from a year ago. Net interest income decreased 5% to $13.9 billion due to lower deposit balances and higher deposit costs. Still, it beat earnings expectations. Qualcomm — The semi stock added 1.6% on the back of a Citi upgrade to buy from neutral. The bank also opened a positive catalyst watch and raised the company's earnings estimates and price target, noting that better inventory for headsets can aid margins and revenue. Wells Fargo — Shares slipped 1.2% despite the company surpassing analysts' estimates on fourth-quarter revenue. UnitedHealth — The health insurance giant fell more than 5% even after fourth-quarter earnings beat analysts' estimates on the top and bottom line. The company noted an increase in medical costs throughout the quarter, with its medical loss ratio hitting 85% in the quarter against an estimate from analysts polled by FactSet of 84.1%. — CNBC's Sarah Min, Alex Harring and Michelle Fox contributed reporting.