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Morgan Stanley, AIG, AMC, UnitedHealth and others

Try the businesses making headlines earlier than the bell:

Morgan Stanley (MS) – Morgan Stanley beat estimates by 20 cents with second-quarter earnings of $1.85 per share, whereas income topped forecasts as effectively, helped by an acceleration in funding banking exercise. Regardless of the beat, Morgan Stanley shares fell 1.6% within the premarket.

American Worldwide Group (AIG) – AIG shares surged 5% in premarket buying and selling after it introduced a deal to promote a 9.9% stake in its life insurance coverage and retirement providers unit to Blackstone (BX) for $2.2 billion. The deal additionally requires Blackstone to handle an preliminary $50 billion in belongings backing AIG’s life insurance coverage insurance policies and annuities, rising to about $100 billion over the subsequent six years.

AMC Leisure (AMC) – AMC tumbled one other 6.2% within the premarket after the movie show operator’s inventory fell for the fourth straight day and the eighth time in 9 classes Wednesday. The skid was capped by a 15% drop in yesterday’s session, bringing its complete loss over that point to about 41%.

UnitedHealth Group (UNH) – The well being insurer noticed its second-quarter revenue fall by greater than a 3rd from a 12 months in the past, as customers resumed elective medical care that they’d postponed because of the pandemic. Nonetheless, UnitedHealth did beat estimates on the highest and backside traces, incomes an adjusted $4.70 per share in comparison with a consensus estimate of $4.43.

Financial institution of NY Mellon (BK) – Financial institution of NY Mellon beat estimates by 13 cents with quarterly earnings of $1.13 per share and income topping estimates as effectively. Its board additionally reauthorized the repurchase of as much as $6 billion in widespread inventory.

Truist Monetary (TFC) – The financial institution that resulted from the 2019 merger of SunTrust and BB&T reported an adjusted quarterly revenue of $1.55 per share, beating the $1.19 consensus estimate, whereas income additionally got here in above Wall Avenue projections. Outcomes had been helped by robust payment and wealth administration earnings, amongst different components.

US Bancorp (USB) – US Bancorp earned $1.28 per share for the second quarter, 14 cents above estimates, with income beating estimates as effectively. Its outcomes received a lift from an enhancing economic system which helped enhance credit score and debit card income and allowed it to decrease its credit score loss provision.

Norton LifeLock (NLOK) – Norton LifeLock is in talks to purchase fellow cybersecurity agency Avast, in a deal that might increase Norton’s presence in client software program. Avast stated the 2 sides had been in superior discussions a few doable cash-and-stock deal. Norton LifeLock fell 2.6% within the premarket.

Johnson & Johnson (JNJ) – Johnson & Johnson is recalling some batches of its Neutrogena and Aveeno spray sunscreen merchandise after benzene was present in some samples. Johnson & Johnson stated benzene – which may doubtlessly trigger most cancers – shouldn’t be used within the manufacture of the merchandise and it’s investigating the way it wound up in some merchandise. Shares fell 1% within the premarket.

Normal Motors (GM) – NHSTA urged homeowners of about 50,000 Chevy Bolts to park outdoors after charging the electrical automobiles, as a result of hearth dangers. GM, which makes the Bolt, had issued an analogous warning earlier within the day about automobiles from the 2017 to 2019 mannequin years.

Netflix (NFLX) – Netflix employed former Fb govt Mike Verdu to steer its video video games unit, because it steps up efforts to develop past its flagship video streaming enterprise. The inventory rose 1.8% in premarket motion.

Past Meat (BYND) – Past Meat opened an internet retailer in China on e-commerce platform JD.com (JD), because it tries to spice up gross sales of its plant-based meat options in that nation.

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