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JPMorgan — The bank slipped 2.4% despite beating expectations on both lines and reporting lower credit costs than anticipated. Wells Fargo — Wells Fargo shares vacillated after reporting first-quarter earnings , but were recently up less than 1%. The bank topped Wall Street's expectations on the top and bottom lines, but reported a decline in net interest income. Citigroup — Shares rose more than 2% after the bank posted $21.1 billion in revenue , which was higher than analysts' expectations of $20.4 billion, according to LSEG. Globe Life — The insurer jumped about 9% in Friday's extended trading, rebounding after tumbling more than 50% in the prior session.
Persons: Jamie Dimon, LSEG, Thursday's, Raymond James, , Macheel, Samantha Subin, Sarah Min, Michelle Fox Organizations: JPMorgan, Citigroup —, BlackRock, Blackrock, Research, Paramount, Skydance, Wolfe Research, Corteva, Citi Locations: Wells, LSEG
Under Armour — Shares dropped 5.3% on news that founder Kevin Plank is returning as chief executive to the sportswear company. Dollar General — The discount retailer popped 5.8% on the back of a stronger-than-expected earnings report for the fourth quarter. After the market closed Wednesday, SentinelOne posted stronger-than-expected quarterly results. Dick's Sporting Goods -- Shares moved 3.6% higher after the sporting goods retailer posted an earnings and revenue beat for its fourth quarter. MicroStrategy — Shares gained 1.6% after MicroStrategy said it's raising $500 million to buy additional bitcoin , and to use for other general corporate purposes.
Persons: Armour, Kevin Plank, Evercore, LSEG, Joe Biden, SentinelOne, Dick's, Goldman Sachs, MicroStrategy, , Alex Harring, Sarah Min, Michelle Fox Organizations: United States Steel, Nippon Steel Corp, Wall Street Journal, Dick's Sporting Goods, Citigroup —, Citi
The company reported adjusted earnings of $1.24 per share on $42.98 billion in revenue for the fourth quarter of 2023. While the company's operating income also beat analysts' estimates, it declined on a year-over-year basis. On Monday, Sanmina reported adjusted earnings of $1.30 per share, more than analysts' estimates for earnings of $1.15 per share, according to FactSet. Smith issued full-year guidance, with the lower end of its forecast coming in below analysts' estimates, per FactSet. The company anticipates adjusted earnings for 2024 of $3.90 to $4.15 per share, while analysts called for $4.05 per share.
Persons: Morgan Stanley, FactSet, Sanmina, MSCI, Nucor, LSEG, Smith, , Alex Harring, Hakyung Kim, Tanaya Macheel, Jesse Pound, Samantha Subin Organizations: General Motors, United Parcel Service, UPS, LSEG, Wall Street . Bank of America, Citigroup, Bank of America, JetBlue Airways —, JetBlue, Petroleum, Marathon Petroleum, Whirlpool, Corning — Corning, FactSet, Management, Computer Locations: FactSet, Corning, U.S
Dish Network — Shares dropped 6.2% premarket after the company missed Wall Street's expectations on both revenue and earnings, driven by substantial losses in its pay-TV retail wireless subscribers. Dish lost 26 cents per share in the third quarter, while analysts expected earnings of 5 cents per share, according to LSEG, formerly Refinitiv. Nvidia — The semiconductor stock added 1.1% premarket Monday, lifted by Bank of America's optimism about Nvidia's quarterly earnings due Nov. 21. Affiliated Managers Group — Shares of the asset manager company gained 2.5% third quarter earnings and revenue topped analyst estimates. AMG posted revenue of $525.2 million, exceeding analysts' estimate of $509.4 million.
Persons: Tesla, RingCentral, Schuster, SATS, Jane, FactSet, — CNBC's Brian Evans, Jesse Pound, Michelle Fox Theobald, Scott Schnipper Organizations: Reuters, Hilton, Paramount, CBS, Bank of America, Dish, Citigroup —, CNBC, Citigroup, Bora Bora, Nvidia, Bank of, UBS, Dominion Energy, Barclays Locations: Berlin, China, Albemarle
Check out the companies making headlines before the bell: UnitedHealth — The largest health insurer by revenue rose more than 1% after beating analysts' third-quarter expectations. BlackRock — BlackRock fell by 1.8% premarket after missing third-quarter revenue forecasts. Wells Fargo — Wells Fargo added nearly 2% after third-quarter earnings and revenue topped expectations . Citigroup — Citigroup was higher by 2% after beating third-quarter revenue expectations. The Jane Fraser-led bank reported revenue of $20.14 billion, more than the consensus estimate of $19.31 billion from LSEG.
Persons: LSEG, BlackRock —, Gordon Haskett, Wells, Jane Fraser, Morgan Stanley, Tanaya Macheel Organizations: Dow Jones, BlackRock, BlackRock — BlackRock, Blackrock, PNC Financial Services Group, Pittsburgh, PNC, Revenue, LSEG, JPMorgan Chase &, Citigroup — Citigroup, Post Holdings, JPMorgan Locations: LSEG, Wells, Louis
On Friday, Gordon Haskett upgraded the stock to buy , saying Dollar General's latest leadership change could help stabilize the company. Wells Fargo — The bank stock gained close to 3% after Wells Fargo posted third-quarter results that beat expectations. Citigroup — Shares of the New York-based bank rose 1.4% after posting its third-quarter results . Citigroup reported $1.63 in earnings per share, or $1.52 per share, excluding the effect of divestitures. Post Holdings — Shares of the packaged food company gained 2% after JPMorgan initiated coverage with an overweight rating on shares.
Persons: Todd Vasos, Gordon Haskett, JPMorgan Chase, Wells Fargo, LSEG, JD.com, Morgan Stanley, UnitedHealth, CNBC's Hakyung Kim, Samantha Subin, Pia Singh, Tanaya Macheel, Jesse Pound Organizations: Boeing —, Boeing, JPMorgan, Revenue, LSEG, Citigroup —, Citigroup, PNC Financial, PNC, Oil, EOG, ConocoPhillips, Exxon Mobil, Progressive, Post Holdings, Netflix, Wolfe Research, Dow, United Food, Commercial Workers International Union, Hormel Locations: York, China
David Wadhwani, senior vice president of digital media for Adobe, speaks during the launch of Adobe Creative Cloud and CS6 in San Francisco, April 23, 2012. Redwire — The space infrastructure stock soared 5.6% Wednesday after Roth MKM initiated research coverage of the company with a buy rating. The firm said Redwire, which went public via a special purpose acquisition company in 2021, has "several billions worth of pipeline revenue opportunity." Citigroup — Shares advanced nearly 1.7% after the bank's CEO Jane Fraser announced a corporate reorganization Wednesday amid a stock slump. Adobe — Stock in the software company added about 2.1% in midday trading ahead of quarterly results Thursday.
Persons: David Wadhwani, Roth MKM, Jane Fraser, Nio, General Motors, , Alex Harring, Hakyung Kim, Brian Evans, Samantha Subin, Tanaya Macheel Organizations: Adobe, Adobe Creative, Moderna —, Centers for Disease Control, Pfizer, Moderna, U.S . Food, Drug Administration, Citigroup —, Citigroup, Airline, American Airlines, Spirit Airlines, European Commission, Adobe —, FactSet, Traders, Ford Motor, General, UBS, Ford, General Motors Locations: San Francisco, U.S, Nio —, China
C.E.O.s urge Washington to help with asylum seekersAs New York City’s migrant crisis continues to escalate, with more than 100,000 arrivals from the southern U.S. border straining shelters, some of the city’s top business leaders are intervening in a fight over who’s responsible. But recent communications by the Biden administration suggest that such calls won’t be heeded. The letter underscores the increasing urgency of the crisis, which has pitted Mayor Eric Adams against Gov. Adams has said the crisis could cost the city $12 billion over three years, while Hochul has spent $1.5 billion and deployed nearly 2,000 National Guard members so far. The migrant crisis is a business issue.
Persons: Jamie Dimon, JPMorgan Chase, Larry Fink, BlackRock, Jane Fraser, Citigroup —, Biden, won’t, Eric Adams, Kathy Hochul —, Adams, Hochul Organizations: JPMorgan, Citigroup, Gov, Biden, National Guard Locations: Washington, York, U.S, New
JPMorgan Chase — Shares fell slightly even after the bank reported stronger-than-expected results for the second quarter, as it benefited from higher interest rates and better-than-expected bond trading. Wells Fargo — Wells Fargo shares rose slightly after the Wall Street firm topped second-quarter expectations. The Wall Street firm also said AT&T's exposure to cable may limit the upside for shares. Alcoa — The aluminum stock fell 4.9% following a downgrade to neutral from overweight by JPMorgan. Eli Lilly — The pharmaceutical stock rose 3% in midday trading.
Persons: JPMorgan Chase, Wells, UnitedHealth, Eli Lilly, Yun Li, Alex Harring, Sarah Min, Michelle Fox Organizations: JPMorgan, JPMorgan Chase —, Elevance, Citigroup —, JetBlue Airways, American Airlines — JetBlue Airways, American Airlines, Microsoft, UBS, Blackrock —, Alcoa, Progressive Locations: Wells, York
JPMorgan, BlackRock, Wells Fargo, and Citi reported earnings Friday. Top execs described their response to the banking crisis — and future opportunities. The message was clear, wrote Wells Fargo bank analyst Mike Mayo in a note to clients Friday. Quarterly earnings calls held with research analysts marked an opportunity for Wall Street's biggest executives to face questions about the impact of the March banking crisis on their firms' bottom lines. Here's what the leaders of JPMorgan, BlackRock, Wells Fargo, and Citigroup had to say about SVB.
A Boeing 737 MAX 8 sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington. JPMorgan Chase — Shares soared about 7% after the bank reported record first-quarter revenue thanks to higher interest rates. Citigroup — The bank's stock added more than 4% after the company reported rising net income and a revenue beat for the first quarter. Lucid — Shares of the EV maker dropped more than 6% after the company reported underwhelming first-quarter deliveries. Piper Sandler downgraded the stock to neutral from neutral earlier in the day, and said the company needs more cash.
JPMorgan Chase reported revenue of $39.34 billion, beating the $36.19 billion estimates for analyst polled by Refinitiv. Wells Fargo — The bank added 3.1% after beating Wall Street expectations when reporting earnings. The company reported revenue at $20.73 billion, which is higher than the $20.08 expected by Wall Street. PNC — Shares rose 1.3% after the bank reported first-quarter earnings. UnitedHealth – UnitedHealth shares rose slightly after the health insurance provider beat Wall Street's estimates on the top and bottom lines and lifted its profit outlook for 2023.
Crude prices and oil stocks jumped Monday after OPEC+ members announced a surprise production cut, giving investors an opportunity to pare back their energy exposure. Oil prices rose more than 6% on Monday, with U.S. crude benchmark West Texas Intermediate climbing above $80 per barrel for the first time since early March. Halliburton (HAL) shares surged more than 8% Monday, to over $34 each, as the best-performing Club energy stock. Shares of Coterra Energy (CTRA), our energy stock most focused on natural gas, rose 2.3%. In the short run, Jim Cramer said, oil prices could certainly climb a bit higher, possibly back to the $90-per-barrel level.
Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.
First Republic — Shares of First Republic cratered more than 64% before the bell, building on last week's losses. Shares led a decline in bank stocks despite plans from the government to backstop depositors of Silicon Valley Bank and Signature Bank. PNC — Shares lost nearly 5.2% early Monday morning after the bank decided against bidding on Silicon Valley Bank as regulators struggle to find buyers for the failed bank. The streaming and media company said in a Friday SEC filing that around $487 million, or 26%, of its cash reserves are stuck at Silicon Valley Bank. Petco Health and Wellness — Shares slipped less than 1% after the company was downgraded by Citi to neutral from buy.
Silicon Valley Bank's failure has left startup founders scrambling for a new home for their money. Last Friday morning, the startup founder Mang-Git Ng zipped up the interstate before sunrise to a Silicon Valley Bank branch in St. Helena, in California's wine country. Ng's plight is similar to countless other founders following the failure of Silicon Valley Bank, who waited with bated breath over the weekend on whether they'd ever get their money back. DiversificationSilicon Valley Bank's collapse could forever change how startups stash their cash, at least two investors told Insider. Silicon Valley Bank had exclusivity clauses with some of its clients, according to a CNBC report, forcing them to use the firm for most or all of their banking services.
Traders gather on the floor of the New York Stock Exchange, Friday, March 18, 2016. There is little optimism for stocks among Wall Street's foot soldiers, according to the latest fund manager survey from Bank of America. As BofA pointed out, that means the so-called "pain trade" in the stock market is higher, and any sudden rally would catch investors off-guard. But Wall Street survey be damned, stocks seem to be on the brink of a rare, bullish trifecta. The surge has pushed the world's most largest crypto token to levels not seen since before the fall of FTX.
The New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share. Wells Fargo - The bank stock dipped 0.1% after the firm reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Lockheed Martin — The defense stock slipped more than 3% after Goldman Sachs downgraded shares to sell from a neutral rating. Northrop Grumman shares also dove 5% on Goldman's downgrade to a sell from neutral rating. Copa — Shares of the Latin American airline jumped 4.9% following an upgrade to overweight from a neutral rating by analysts at JPMorgan.
Tesla – Shares of Tesla shed 13% after the company announced fourth-quarter vehicle deliveries that fell short of Wall Street's expectations. Wynn Resorts – Shares of Wynn Resorts added more than 2% after Wells Fargo upgraded the hotel and casino operator, saying it sees a significant reopening opportunity and citing China's moves toward a full reopening. MGM Resorts added 1%. Molina Healthcare — The health care company slid nearly 5% despite the company saying it expects revenue from California Medicaid to double under revised contracts. PayPal – Shares added 4.1% after Truist upgraded PayPal to buy from hold, saying that estimates now look reasonable.
Federal prosecutors are looking into Rep-elect George Santos' finances, per media reports. Santos has admitted to lying about parts of his work and education history. Santos' most recent financial disclosure shows a $750,000 salary from a company he founded. Santos also lent $705,000 to his campaign through Devolder, per a Federal Election Commission form filed on December 8. On Monday, he admitted that sections of his work history – including the stints at both Goldman and Citigroup — were made up.
Check out the companies making headlines in midday trading Wednesday:Citigroup — The stock dropped 2.2% after Citigroup was told it must address weaknesses in its management of financial data by U.S. banking regulators. Manchester United — Shares of football club Manchester United surged 25.8%, their second straight day of double-digit gains, and touched a new 52-week high after the owners said they were exploring strategic alternatives including a potential sale. Tesla – The electric vehicle stock popped 7,8% after Citi upgraded it to neutral from sell, citing a more balanced risk-reward outlook. Autodesk – Shares dipped 5.7% after the company issued a weak financial outlook despite beating top and bottom-line expectations for its most recent quarter. Energy stocks – Big-name oil stocks traded down and made energy the worst performer in the first few hours of trading within the S&P 500.
Citigroup — Citigroup rose more than 1% after its third-quarter revenue climbed more than analysts expected, helped by rising interest rates. However, its earnings fell 25% from the year-earlier period as it bulked up its credit loss provisions and investment banking slumped. Wells Fargo — The bank stock was up 3% after Wells Fargo reported quarterly earnings and revenue that topped analysts' expectations. US Bancorp - Shares of US Bancorp rose 3.7% after the bank's third-quarter earnings came in above Wall Street analyst expectations. First Republic Bank — The bank stock dropped more than 14% after First Republic posted its third-quarter results.
Big American banks have mostly resisted bulking up loan loss reserves this year as the financial health of consumers and corporations has held up despite mounting recession concerns. For much of the year, bank managers have told one story, while stocks have told another. Retail customers were spending briskly and still had ample cash in their accounts, executives including Bank of America CEO Brian Moynihan have said . In April, JPMorgan was the first big bank to begin boosting reserves for credit losses, taking a $902 million charge. Analysts expect the New York-based bank to generate $2.90 per share in third-quarter earnings, 22% lower than a year earlier.
Агентство Bloomberg опубликовало список 50 людей с наибольшими достижениями в своей сфере в 2020 годуИздание Bloomberg представило список из 50 человек, достигших самых выдающихся успехов в своей сфере в 2020 году. Перечень состоит из пяти категорий по областям: политика, бизнес, развлечения, финансы, наука и технологии, пишет Сноб. Развлечения:# Билли Айлиш, певица;# Бон Джун Хо, режиссер;# Селеста Барбер, актриса;# Донна Лэнгли, глава Universal Filmed Entertainment Group;# Swizz Beatz и Timbaland;# Сара Купер, комик;# Колин Каперник, активист;# Гай Фьери, ресторатор, писатель и телеведущий;# Джейсон Хехир, документалист;# Рене Монтгомери, активист;# Айя Кьогоку и Хисаши Ногами, руководители Nintendo Co;# Маркус Рашфорд, нападающий «Манчестер Юнайтед». Политика:# Светлана Тихановская, лидер оппоиции в Белоруссии;# Луис Лакалье Поу, президент Уругвая;# Алисия Гарза, Патрис Каллорс и Опал Томети, основательницы движения Black Lives Matter;# Джон Робертс, главный судья Верховного суда США;# Абдалла Хамдук, премьер-министр Судана;# Летисия Джеймс, генеральный прокурор штата Нью-Йорк;# Одунайо Эвенийи и Дамилола Одуфауа, соосновательницы Феминистской коалиции;# Мухаммад ибн Заид Аль Нахайян, наследный принц Абу-Даби;# Мэдисон Коуторн, избранный член палаты представителей конгресса США;# Мариа Ресса, генеральный директор Rappler Inc.;# Цай Инвень, президент Тайваня. Бизнес:# Аврора Джеймс, основательница проекта Fifteen Percent Pledge;# Страйв Масайиа, основатель Econet Group;# Рид Хастингс, глава Netflix;# Сумит Сингх, генеральный директор Chewy Inc.;# Вонг Чинг, генеральный директор Meituan;# Джон Фоли, генеральный директор Peloton Interactive Inc.;# Бюджу Равиндран, основатель и глава Think & Learn Pvt.
Persons: Swizz Beatz Timbaland, Morgan Stanley, Citigroup —, Билли Айлиш, Бон Джун Хо, Селеста Барбер, Донна Лэнгли, Сара Купер, Колин Каперник, Гай Фьери, Джейсон Хехир, Рене Монтгомери, Айя Кьогоку, Хисаши Ноги, Маркус Рашфорд, Светлана Тихановская, Луис Лакалье Поу, Алисия Гарза, Патрис Каллорс, Опал Томети, Джон Робертс, Летисия Джеймс, Одунайо Эвенийи, Дамилола Одуфауа, Мухаммад ибн Заид Аль Нахайян, АбуДаби, Мэдисон Коуторн, Мариа Ресса, Цай Инвень, Аврора Джеймс, Страйв Масайиа, Рид Хастингс, Сумит Сингх, Вонг Чинг, Джон Фоли, Бюджу Равиндран, Вийя, Форрест Ли, Кристалина Георгиева, Джеймс Горман, Байжа Бхатт, Владимир Тенев, Джейн Фрейзер, Алан Ховард, Линда Киркпатрик, Даррен Уильямс, Чанпэн Чжао, Цзэн Юйцюнь, Гвинн Шотвелл, Тим Брэй, Энтони Фаучи, Чон ЮнКен, Келлер Ринаудо Organizations: Bloomberg, Universal, Entertainment, Nintendo, Rappler Inc, Econet, Netflix, Chewy Inc, Interactive, Sea Ltd, Citigroup, Citigroup — —, Howard Asset Management, Mastercard Inc, Southern Bancorp Inc, Binance Holdings, Technology, SpaceX, годуИздание, Сноб, Манчестер Юнайтед, Верховный суд, Феминистская коалиция, Международный валютный фонд, Корейское агентство по контролю и профилактике заболевания Locations: Белоруссия, Уругвай, США, Судан, НьюЙорк, Тайвань, Северная Америка, Белый дом
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