Goldman Sachs Rises Premarket; JPMorgan and Bed Bath & Beyond Fall By Investing.com

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Wednesday, April 14th. Please refresh for updates.

• JPMorgan Chase (NYSE:) stock fell 0.6% despite the investment bank reporting a surge in first-quarter earnings, helped by a strong quarter from its trading desks and soaring investment banking fees. The bank’s stock is up around 70% in the last year. The bottom line was generously inflated by the one-off release of $5.2 billion in reserves.

• Goldman Sachs (NYSE:) stock rose 1.6% after the influential investment bank reported very strong quarterly earnings, with the Wall Street giant cashing in on record levels of deal-making, notably in the craze for SPACs.

• Wells Fargo (NYSE:) stock rose 0.2% after the bank reported a strong rebound in first-quarter profit, helped by setting aside less money to cover bad loans.

• Coinbase Global (NASDAQ:) stock will be in focus Wednesday with the world’s second-largest cryptocurrency exchange by volume, set to go public via a direct listing later, with a reference price of $250/share.

• Bed Bath & Beyond (NASDAQ:) stock stock fell 9.1% after the retailer reported a double-digit decline in fiscal fourth-quarter sales, with all the company’s stores shut during the pandemic.

• Dollar General (NYSE:) stock fell 0.3% after the discount retailer said it would hire up to 20,000 employees this spring as more parts of the U.S. economy reopen. This is below the more than 50,000 workers the company hired around the same time last year.

• Moderna (NASDAQ:) stock rose 3.2% after the drugmaker announced that its Covid-19 vaccine shows above 90% efficacy six months after people have had the second dose. It’s also profiting from expectations of higher sales due to problems with Johnson & Johnson (NYSE:)’s vaccine.

• Pfizer (NYSE:) stock rose 0.1% after CEO Albert Bourla said the drugmaker has ramped up production of its Covid-19 vaccine and can deliver 10% more doses to the United States by the end of May. This follows the U.S. federal medical regulators pausing the use of Johnson & Johnson’s vaccine over blood clotting worries.

• Stitch Fix (NASDAQ:) stock fell 2.2%, continuing Tuesday’s selloff after the online styling service announced that founder Katrina Lake would be stepping down as CEO, to be replaced by the current president, Elizabeth Spaulding, at the start of August.

• Discovery (NASDAQ:) stock fell 4.4% and iQIYI (NASDAQ:) stock fell 3.8% after Reuters reported that Credit Suisse (SIX:) continued to unwind positions related to last month’s meltdown of Archegos Capital, including putting large blocks of shares in these two media companies on the market.

• Endo International (NASDAQ:) stock rose 0.7% after promising phase 3 data on the pharmaceutical company’s cellulite treatment was published in the official journal of the American Society of Dermatologic Surgery. 

• Atlassian (NASDAQ:) stock rose 1.4% after the Australian software company lifted its revenue guidance for the fiscal third quarter, now expecting revenue of between $566 million and $572 million. 

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