Stocks making the biggest moves midday: Wells Fargo, JPMorgan, AT&T, Carvana and more
Check out the companies making headlines in midday trading: Wells Fargo — Shares of the San Francisco-based lender dropped 6% after the firm reported a 9% decline in net interest income. Wells Fargo recorded $11.92 billion in net interest income, a key measure of what a bank makes on lending, below the $12.12 billion expected by analysts, according to FactSet. The bank’s second-quarter earnings and revenue did exceed Wall Street expectations. JPMorgan — Shares slipped 1.2% despite the bank posting an earnings and revenue beat for its second quarter. JPMorgan reported revenue of $50.99 billion, higher than the $49.87 billion analysts polled by LSEG had expected. The bank’s per-share adjusted earnings of $4.26 also beat the forecast consensus of $4.19 in earnings per share. However, JPMorgan had a higher provision for credit losses than estimated in the current quarter, which indicates that it expects more borrowers will default on loans going forward. Citigroup — The shares dropped 1.8% even after the bank reported better-than-expected profit as investment banking activity surged. Earnings per share came in at $1.52 for the second quarter, compared to $1.39 a share expected by analysts polled by LSEG. Revenue was about as expected for the period as fixed income revenue dipped slightly. AT & T , Snowflake — AT & T shares slipped 0.3% after the telecommunications company revealed that a third-party platform illegally downloaded its customer data. The data, which was accessed from Snowflake, consisted primarily of call and text records between May 2022 and October 2022, according to AT & T. Snowflake shares fell around 1.8%. Bank of New York Mellon — Shares popped 5.2% after the bank reported fiscal results for its second quarter that topped expectations. Adjusted earnings per share was $1.51, beating the $1.43 LSEG consensus estimate. Revenue came in at $4.6 billion, versus the $4.52 billion expected. Carvana — Shares of the used-car platform rose around 4.9% on the back of BTIG’s initiation at buy. BTIG said the company has an industry-leading EBITDA margin and could be able to grow both market share and profits simultaneously. Carvana shares are up more than 80% in three months. Array Technologies — Shares jumped more than 8.7% after Citi upgraded the solar energy technology company to buy from neutral, citing potential for the stock to regain share after losing more than 31% year to date. Fastenal — The stock rose 2% after the industrial company reported earnings for the second quarter. The company posted diluted earnings of 51 cents per share on revenue of about $1.92 billion, an increase of 1.8% from the same period a year ago. According to analysts polled by FactSet, revenue came in slightly above expectations, while earnings were in line with estimates. Vita Coco — The coconut water company declined 9.1% following a downgrade by Piper Sandler to neutral from overweight. Piper Sandler said rising sea freight costs will weigh on the company. — CNBC’s Yun Li, Alex Harring, Samantha Subin, Lisa Han, Michelle Fox and Sean Conlon contributed reporting. This post has been syndicated from a third-party source. View the original article here.
