Johnson & Johnson, Goldman Sachs, Sunrun, and more stocks making big moves premarket

‍Goldman Sachs

Analysts polled by Refinitiv estimated first-quarter revenue of $12.79 billion, which the bank missed. As reported by FactSet, fixed income, currencies, and commodities trading in the first quarter came in at $3.93 billion, far below the Wall Street estimate of $4.16 billion. There was a decline of nearly 4% in Goldman's shares. Additionally, Goldman said it took a $470 million hit from selling Marcus consumer loans.

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Johnson & Johnson

According to Refinitiv, the drug and consumer products maker's sales rose 5.6% to $24.75 billion in the first quarter, exceeding analysts' expectations of $23.67 billion. The adjusted earnings per share were $2.68, above the consensus estimate of $2.50. All three business segments performed well, and the company raised its 2023 guidance midpoints. There was a 1% gain in Dow Industrials shares premarket.

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Bank of America

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Charlotte-based Bank of America gained about 1.8% after topping expectations on both the top and bottom lines in the first quarter. In the period, BofA's net interest income rose by 25% to $14.4 billion as a result of higher interest rates.

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Sunrun

KeyBanc upgraded the residential solar energy company's stock to overweight from sector weight, resulting in a 4.2% rise in its shares. As Sunrun gains market share in California, it could rally more than 31% from Monday's close. The stock has fallen 14.4% since the beginning of the year.

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Nvidia

A two-level upgrade by HSBC to buy from reduce lifted shares of the chipmaker 2.4% Tuesday. Apparently, Nvidia has more power than previously thought in pricing artificial intelligence chips. The shares of Nvidia have already risen approximately 85% since the start of the year, and HSBC believes there is still room for further gains. 

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Lockheed Martin

After beating Wall Street's expectations and reaffirming its full-year guidance, shares of the aerospace and defense contractor rose almost 1% premarket.

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Chubb

Bank of America upgraded the insurer to buy from neutral, leading to a 1.7% gain. It is skewed towards high-net-worth customers, who can help mitigate inflation's negative effects on the company's earnings.

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Bank of New York Mellon

Despite missing revenue estimates in the first quarter, shares of the custody bank were up 0.8% Tuesday morning. According to Refinitiv consensus estimates, the Bank of New York Mellon reported $4.36 billion in revenue, compared with $4.4 billion expected by Wall Street.

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PowerSchool Holdings

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A Goldman Sachs upgrade to buy from neutral boosted shares by more than 3% in early trading. According to the bank, the stock could gain as much as 22% from Monday's close to $24.

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