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Goldman Sachs, Pfizer fall premarket; Morgan Stanley, Coinbase rise

Investing.com
·1-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, January 17th. Please refresh for updates.

Goldman Sachs (NYSE:GS) stock fell 2.4% after the investment bank's earnings plummeted in the final quarter of the year due to a sharp drop in revenue from asset and wealth management, as well as higher credit provisions and higher operating costs.

Morgan Stanley (NYSE:MS) stock rose 1.1% after the lender beat expectations for fourth-quarter profit, as its trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking.

Pfizer (NYSE:PFE) stock fell 1.4% after Wells Fargo downgraded its stance on the pharmaceutical giant to ‘equal weight’ from ‘overweight’, saying uncertainty over its COVID business could make investors nervous.

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Lennar (NYSE:LEN) stock fell 0.1% after RBC downgraded the home construction company to ‘sector underperform’ from ‘sector perform’, seeing a difficult year for the housing sector.

Hertz (NASDAQ:HTZ) stock rose 0.6% after the car rental firm announced it will make up to 25,000 electric vehicles available to rent to drivers of ride-hailing company Uber (NYSE:UBER), down 0.2%, in European capitals by 2025.

Coinbase (NASDAQ:COIN) stock rose 6.6% with the crypto exchange platform benefiting from the two-week surge in the price of major digital token Bitcoin.

Church & Dwight (NYSE:CHD) stock rose 1.3% after Morgan Stanley upgraded the consumer products seller to ‘overweight’ from ‘equal weight’, saying it is now trading at attractive levels after falling in 2022.

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