Pictures of Delta Air Lines passenger planes are taken outside the newly completed 1.3 million square foot, $4 billion Terminal C at LaGuardia Airport in New York, June 1, 2022.
Mike Cigar | Reuters
Check out which companies are making the headlines at midday Friday.
Albertson – Shares of Safeway owner fell 7% after news that Kroger agreed to buy Albertsons in A $24.6 billion dealor $34.10 per share. KrogerThe company’s shares fell 4.8%.
c. B. Morgan Chase – Bank earned 2.8% After topping the estimates for the last quarter. JPMorgan Chase said net interest income rose 34% to $17.6 billion in the period due to higher interest rates.
Morgan Stanley Morgan Stanley shares fell 4.6%. After the bank announced lower-than-expected profits in the third quarter. Revenues were also less than expected due to the decline in investment banking services.
City Group Citigroup stock rose more than 1%. After its third-quarter revenue jumped more than analysts expectedThanks to higher interest rates. Citi’s earnings per share also beat Wall Street expectations. However, its earnings were down 25% compared to the same period last year, as provisions for credit losses doubled and investment banking declined.
Wells Fargo The bank’s stock is up 3% after Wells Fargo Announced quarterly earnings and revenue that beat analysts’ expectations. The strong numbers came even after Wells set aside $784 million for credit losses. CEO Charlie Scharf said the bank is well positioned to continue to benefit from higher interest rates.
Delta Airlines – The airline got a 3% raise after Queen She upgraded her sharesciting the recovery in the travel industry, which has seen an increase in business and international travel as pandemic restrictions ease.
Nasdaq The stock exchange operator’s stock is down 5% after two ratings downgrades to underperformance by Bank of America. Among the reasons for the credit rating downgrade, the bank cited Nasdaq’s premium assessment and 2023 headwinds are expected to impact earnings per share.
Beyond Meat Stocks fell 6.8% after that Beyond Meat said it plans to cut 19% of its workforce As the vegan meat company struggles with declining sales. Several senior executives are leaving, including chief operating officer Doug Ramsey – who was arrested after biting off a man’s nose.
Tesla – Tesla shares fell more than 6% after a Wells Fargo Analyst Cuts Its Price Target On Electric Vehicle Inventory To $230 from $280 per share. The analyst pointed to concern about higher interest rates to cut the target.
United Health Group – Shares of the health insurer rose 1.2% after the company reported a win in both top-line and third-quarter profitability, helped by lower costs for Covid-related testing and treatments. UnitedHealth also raised its financial forecast.
US Bancorp Shares of US Bancorp rose 3.7% after the bank’s third-quarter earnings came in higher than Wall Street analysts’ expectations. The company reported earnings per share of $1.18, excluding items, compared to StreetAccount’s estimate of $1.15, and $6.33 billion in revenue, versus StreetAccount’s estimate of $6.24 billion.
Nutanix – Shares rose 23.1% after a Wall Street Journal report that it is exploring a potential sell-off after receiving takeover benefits. The cloud computing company will reportedly target private equity firms and industry competitors as its potential buyers.
PNC المالية Financial Services The financial stock fell about 1% despite the stronger-than-expected earnings report. Higher returns on interest-earning assets and loan growth increased the bank’s net interest income, but PNC said it saw a decline in fee income.
First Republic Bank – The bank’s stock fell more than 14% after First Republic announced its results for the third quarter. The bank’s net interest margin came in below StreetAccount’s expectations, as did the company’s total revenue for the quarter.
visa The satellite internet company’s stock fell nearly 1%. After the UK competition regulator launched an in-depth investigation In a $7.3 billion Fisat deal to buy British rival Inmarsat. The Competition and Markets Authority is concerned that the acquisition will make it difficult for competitors to do business in the aviation sector and will lead to higher prices for Wi-Fi on flights.
Howard Hughes Corp. – Howard Hughes stock jumped 4% after Pershing Square International. A tender has been issued to purchase 6.34 million shares at $60 per share.
Northup Grumman Defense stock fell 6% on Friday amid JPMorgan’s downgrade to neutral. The bank cited Northup Grumman’s recent outperformance as the reason for the shift.
CNBC’s Yoon Lee, Tanaya Machel, Michelle Fox, Sarah Min, and Scott Schneper contributed reporting.
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