Investing.com - Stocks in focus in premarket trading on Wednesday:
• Bank of America (NYSE:BAC) stock inched down 0.4% in premarket trade by 8:20 AM ET (12:20 GMT) after its results pointed to weakening margins, although a 13% rise in net profit for the quarter beat estimates. The company reported earnings per share of $0.74 on revenue of $23.1 billion.
• Amazon.com (NASDAQ:AMZN) stock fell 0.4% after the European Commission opened up an antitrust investigation into its treatment of independent retailers.
• CSX (NASDAQ:CSX) stock slumped 7.1% after the transportation company’s earnings and guidance were weaker than expected. The company reported earnings per share of $1.08 on revenue of $3.1 billion. The company cut its outlook due partly to the loss of a major customer, a refinery in Philadelphia that is being closed after a fire there.
• Qualcomm (NASDAQ:QCOM)stock rose 4.7% after the U.S. Justice Department asked a federal appeals court to pause an antitrust ruling against the company, citing national security concerns.
•PNC Financial (NYSE:PNC) stock gained 1.4% after its earnings beat analyst expectations.
• Ericsson (NASDAQ:ERIC) stock slipped 6.7% after it warned that it would take a hit to its gross margins as it tries to recover market share from China’s Huawei.