Premarket Stock Movements: Bank of America Tumbles on Penalty, BlackRock Rises on Earnings Beat
Bank of America shares fell nearly 4% premarket after the bank reported a sharp drop in third-quarter profit due to an $1.2 billion penalty from U.S. Treasury over money-laundering violations. Adjusted earnings were 91 cents per share, down from $1.08 without the fine. BlackRock rose nearly 3% as it beat both revenue and earnings expectations for Q3 with adjusted EPS of $15.93 versus estimates of $14.13. Assets under management increased to $15.49 trillion year-over-year from $13.46 trillion, reflecting strong performance in the asset management sector. ASML shares dipped 1% after missing net sales expectations slightly at €11.66 billion versus an estimate of €11.72 billion, though profit exceeded forecasts. GameStop gained 2% following a large share purchase by CEO Ryan Cohen. Albemarle rose nearly 3% as Mizuho upgraded it to outperform due to strong lithium demand.
Tickers: $ALB $ASML $BAC $BLK $DELL $GME $HPE $MS
Topics: analyst ratings earnings regulatory penalties stock price movement