BAC, MS, HOOD & more
Check out the companies making the biggest moves premarket: Bank of America — The stock gained more than 1% after the banking giant posted better-than-expected results for the first quarter . Bank of America earned $1.11 per share on revenue of $30.43 billion. Analysts expected a profit of $1.01 per share on revenue of $29.93 billion. BofA’s strong results were bolstered by its equity sales and trading unit. Broadcom — The chipmaker jumped more than 2.5% after it announced with Meta a plan to deliver 1 gigawatt of custom chips , with further plans to deliver multiple gigawatts in the future using Broadcom’s technology. Broadcom CEO Hock Tan also said he’d be stepping down from Meta’s board. Morgan Stanley — The bank jumped 2% after it reported a revenue and earnings beat in its first quarter report as trading revenues exceeded expectations. Morgan Stanley delivered $3.43 in earnings per share and $20.58 billion in revenue. That was higher than the $3 in earnings per share and $19.72 billion in revenue that analysts were expecting, according to LSEG. Snap — Shares popped more than 5% after the Snapchat parent announced plans to lay off up to 16% of its workforce. The company said it’s trying to reallocate resources toward growing net income profitability, among other initiatives. Gitlab — The software company rose more than 5% after it announced an expanded partnership with Google where its artificial intelligence offerings will now be offered through Google Cloud. Gitlab’s stock is down more than 46% in 2026 on fears AI will disrupt software companies’ business models. Robinhood , Webull — Shares of the financial services platforms jumped on news that the Securities and Exchange Commission will end limits on day-trading for smaller, retail investors. Robinhood was up more than 5.5%, while Webull jumped 6%. PNC — The regional bank fell 1% after delivering its first-quarter report, which had an earnings beat but a revenue miss after its acquisition of FirstBank. PNC reported earnings per share of $4.13 and revenues of $6.17 billion. Consensus expectations were for $3.93 in earnings per share and $6.24 billion in revenue, according to analysts polled by FactSet. First Solar — Shares jumped more than 4.5% on a Reuters report that China is considering limiting solar power equipment exports to the U.S. The report noted China makes about 80% of the world’s solar panel equipment. Memory stocks — A slew of names fell in premarket trading Wednesday as investors took their foot off the gas of a big rally in the last 10 trading sessions. Sandisk fell more than 2%, while Western Digital and Seagate Technology both dropped more than 1%. Micron Technology fell 2.3% after an insider sold 24,000 shares worth a total $10.1 million, according to an SEC filing . — CNBC’s Fred Imbert and Nick Wells contributed reporting.
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