JPMorgan, Morgan Stanley, Tesla Fall Premarket; AMD, Costco Rise By

© Reuters.

By Peter Nurse

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

• JPMorgan(NYSE:JPM) stock fell 3.1% after the largest U.S. bank by assets reported a 28% drop in second quarter profits as it set aside more money to cover potential losses in the face of growing risks of a recession.

• Morgan Stanley (NYSE:MS) stock fell 1.2% after the banking giant reported a drop in second quarter profit, as deal-making slumped amid soaring market volatility.

• Tesla(NASDAQ:TSLA) stock fell 1.5% after Andrej Karpathy, a high-profile executive who played a key role in developing the electric-car maker's artificial intelligence and driver assistant technology, announced his departure from the company.

• Amazon(NASDAQ:AMZN) stock fell 1.2% after EU regulators said the online retail giant has offered to refrain from using sellers' data for its own retail business and made other concessions to end an antitrust investigation.

• Uber(NYSE:UBER) stock fell 1.3% following the news that the ride-hailing company is being sued by 550 women in the United States who claim they were sexually assaulted by drivers on its platform.

• Ericsson(ST:ERICa) ADRs fell 10% after the Swedish maker of telecoms network equipment reported a sharp rise in the cost of rolling out 5G telecom networks, which ate into its profit margins in the second quarter.

• Advanced Micro Devices(NASDAQ:AMD) stock rose 0.8% after BMO upgraded its stance on the chipmaker to ‘outperform’ from ‘market perform’, saying the company is ready to rebound after a rough start to the year.

• Costco(NASDAQ:COST) stock rose 0.6% after Deutsche Bank upgraded its stance on the chain of big-box retail stores to ‘buy’ from ‘hold’, saying its club membership model should make it more attractive during periods of inflation and a slowing economy.

• Taiwan Semiconductor Manufacturing(NYSE:TSM) ADRs rose 1.7% after the world’s largest chipmaker posted record net profit in the second quarter, allaying fears over the sector’s headwinds.

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