Check out the companies making headlines before the market opens. MORGAN STANLEY – Shares of the bank fell more than 2% in premarket trading, even as the bank’s second-quarter results beat Wall Street expectations on strong performance from its trading and investment banking businesses. The bank said profits surged 41% from a year earlier, helped by a rebound in activity on Wall Street. Revenue grew 12% to $15.02 billion. Meanwhile, revenue from the wealth management business was lower than expected due to lower net interest income. Bank of America — Shares of Bank of America rose nearly 1% after the bank reported second-quarter financial results that beat expectations. Earnings per share were 83 cents, compared with 80 cents expected by analysts polled by LSEG. Revenue of $25.54 billion beat the consensus estimate of $25.22 billion. Bank of America also gave new guidance for fourth-quarter net interest income growth. UnitedHealth Insurance – Shares edged higher after reporting better-than-expected second-quarter results. The health insurance giant earned $6.80 per share, excluding certain items, on revenue of $98.86 billion. Analysts expected profits of $6.66 per share and revenue of $98.84 billion. Shopify – Shares of the e-commerce company rose more than 3% after Bank of America upgraded its stock to “buy” from “neutral”, citing revenue growth and healthy margin expansion. Match Group — shares rose 7% on news that activist investor Starboard Value had acquired about 6.5% of the company. Starboard called on the online dating company to increase its growth and profitability or consider taking it private. PNC Financial Services Group — Shares were flat after the regional bank reported second-quarter revenue of $5.41 billion, in line with the LSEG consensus estimate. Reddit — Loop Capital downgraded Reddit to “hold” from “buy,” saying risks currently outweigh potential upside, sending the social media stock down 3.4%. EPAM Systems — Shares of the software engineering services company edged higher after Jefferies upgraded the software engineering services company to buy from hold. The company cited troughs in valuations and earnings as well as undervalued opportunities in artificial intelligence. Dollar Tree — Shares of the discount retailer fell more than 1% after Piper Sandler downgraded its rating to neutral from overweight. The investment firm said proposals from the Joe Biden and Donald Trump campaigns would be damaging to Dollar Tree. Charles Schwab — The stock fell more than 3% after second-quarter results. Adjusted earnings of 73 cents per share on revenue of $4.69 billion were slightly higher than analysts’ expectations of 72 cents per share on revenue of $4.68 billion, according to FactSet. However, the net interest margin was lower than analysts expected. —CNBC’s Li Yun, Jesse Pond, Michelle Fox, Sarah Min and Fred Ebert contributed reporting
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