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

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.