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Apple, American Airlines Rise Premarket; Bank of America Falls

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By Peter Nurse

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

Bank of America (NYSE:BAC) stock fell 1.9% after reporting a fall of 4% in its second-quarter revenue as trading income in global markets fell and lending margins were squeezed by rock-bottom interest rates.

Apple (NASDAQ:AAPL) stock rose 2.1% after Bloomberg reported that the tech giant has asked suppliers for 90 million iPhones this year, a 20% jump from the shipments in 2020.

Delta Air Lines (NYSE:DAL) stock rose 2.3% after the airline reported better than expected quarterly revenue, adding that it expected to remain profitable for the rest of the fiscal year as travel demand picks up.

American Airlines (NASDAQ:AAL) stock rose 3.5% after the company forecast positive cash flow in the second quarter for the first time since the pandemic began.

BlackRock (NYSE:BLK) stock fell 2.1% despite the world’s largest asset manager reporting that assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier. The stock is up over 25% year to date.

Peloton (NASDAQ:PTON) stock fell 2.8% after Wedbush downgraded its recommendation on the exercise equipment maker to ‘neutral’ from ‘outperform, saying the number of fitness alternatives is growing as the pandemic recedes.

Lululemon Athletica (NASDAQ:LULU) stock rose 0.9% after Goldman Sachs (NYSE:GS) rated the leisure apparel retailer as a ‘conviction buy’, saying the company has many growth opportunities and that the stock holds an attractive risk-reward balance.

PepsiCo (NASDAQ:PEP) stock fell 0.5% after Credit Suisse (SIX:CSGN) downgraded its recommendation to ‘neutral’ from ‘outperform’ after the soft drinks giant reported strong quarterly earnings, citing its current valuation.

Nike (NYSE:NKE) stock fell 0.2% after a major supplier of the athletic footwear giant was forced to close down its plant in Vietnam due to Covid-19 curbs.

Citigroup (NYSE:C) stock rose 0.2% after the banking giant comfortably beat second-quarter profit forecasts, helped by the release of loan loss reserves which offset a plunge in revenue from lower trading and credit card lending. Wells Fargo (NYSE:WFC) stock rose 0.8% after the bank swung to a profit in the second quarter as it released funds set aside to cover soured loans, while costs tied to its years-old sales practices scandal stabilized.

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