JetBlue Airways Airbus A320-200 aircraft on final approach landing at New York’s John F. Kennedy International Airport, USA.
Nicola Economous | OnlyPhoto | Getty Images
Check out the companies making the biggest gains in premarket trading:
JetBlue Airways – JetBlue Airways fell nearly 2% after Evercore ISI downgraded the airline to “underweight,” citing the recent strong stock rally and balance sheet concerns.
Zillow Group – The stock rose 4.7% after being upgraded from neutral to overweight by Piper Sandler. Analyst Thomas Champion also raised his price target to $62 per share, indicating a 33% gain from Monday’s close. Reasons for his call included product options and new initiatives, as well as sequential improvements in the macro environment for housing.
JPMorgan Chase – The Wall Street heavyweight is up 1.2% in premarket trading after Jefferies upgraded to a buy from a hold on Tuesday. The company also named JPMorgan Chase “best-in-class.”
US Bancorp – Shares of the Minnesota-based bank rose 2.2% after Bank of America upgraded the stock from neutral to buy. Analyst Ebrahim Poonawala said that US Bancorp is among the highest quality franchises in the US banking sector and that its size, earnings and strong execution are expected to drive superior earnings growth and stock outperformance.
Amazon — Shares rose 0.8% as the e-commerce giant kicked off its much-anticipated Prime Day summer sale, which runs through Wednesday. Wells Fargo also added Amazon to its Signature Picks list, citing better expectations for Amazon Web Services, Prime Day sales growth, and a still-favorable risk-reward trade-off.
WD-40 — Shares rose more than 5% after the lubricant and rust remover maker reported third-quarter results Monday after the hours. WD-40 had total net sales of $141.7 million, a 15% increase over the prior year.
3M – Shares rose nearly 2% in premarket trading after Bank of America upgraded the stock to neutral from underperform. The bank said 3M has positive impetus related to the settlement of litigation, restructuring and the planned spin-off of its healthcare business.
Zions Bancorp, Truist – Bank stocks were under pressure Tuesday morning after Jefferies downgraded both Zions and Truist to hold from buy, lowering his earnings estimates for the two companies. Shares of Zions fell 1.5% in premarket trading, while shares of Truist fell 1%.
Iovance Biotherapeutics – Iovance Biotherapeutics fell more than 11%. The biotech announced Monday that the price for its public offering of 20 million common shares would be $7.50 per share. Gross proceeds from the offering are expected to be approximately $150 million.
— CNBC’s Jesse Pound, Alex Harring, Samantha Subin, Brian Evans, Sarah Min and Michael Bloom contributed coverage.