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Morgan Stanley — Shares added 3.2% after Morgan Stanley topped first-quarter expectations on wealth management, trading and advisory results. The company reported earnings of $2.02 a share, while analysts polled by LSEG had called for $1.66 a share. Revenue came out at $15.14 billion for the period, surpassing analysts expectations of $14.41 billion. Johnson & Johnson — The stock fell slightly even after the pharmaceutical giant topped quarterly earnings expectations and benefitted from a jump in medical device sales. Revenue came in at $21.38 billion, roughly in line with the $21.4 billion expected by analysts polled by LSEG.
Persons: UnitedHealth, Morgan Stanley —, Morgan Stanley, LSEG, Johnson, Smith, Tesla, Elon Musk, , Samantha Subin, Tanaya Macheel, Michelle Fox Theobald Organizations: Revenue, Wall Street Journal, Justice Department, Ticketmaster, LSEG, Bank of America, Tesla Locations: The, LSEG
UnitedHealth posted better-than-expected first-quarter revenue and reaffirmed its full-year earnings forecast of $27.50 to $28 per share excluding items. Johnson & Johnson — The drugmaker slipped 2% despite beating first-quarter profit estimates and reporting in-line revenue. Johnson & Johnson adjusted its full-year sales forecast for 2024 to a range of $88 billion to $88.4 billion compared to a previous forecast of $87.8 billion to $88.6 billion. The firm also surpassed analysts' earnings and revenue estimates. Bank of America — Charlotte-based Bank of America fell 3.5% after quarterly profit tumbled 18% to $6.67 billion , or 76 cents a share.
Persons: UnitedHealth, Johnson, Morgan Stanley —, Tesla, , Sarah Min, Tanaya Macheel Organizations: Dow Jones, FactSet, Johnson, Technologies, Barclays, Live, Entertainment, Journal, U.S . Department of Justice, Bank of America, of America, Revenue
PVH — Shares of the Calvin Klein and Tommy Hilfiger parent tanked more than 21% on weak revenue guidance for the first quarter and full year. Humana , UnitedHealth — Health insurance managed care stocks declined after the Center for Medicare and Medicaid Services announced rates for the 2025 calendar year will increase 3.7%, as previously proposed. Humana shed 9.6%, while CVS Health tanked 5.3%. GE Aerospace — General Electric shares ticked higher by 0.6% after the company completed spinning off its energy business from its aerospace business. GE Vernova will begin trading on the New York Stock Exchange at market open under the ticker GEV, while General Electric — which becomes GE Aerospace — will keep the GE ticker symbol.
Persons: Calvin Klein, Tommy Hilfiger, Estee Lauder —, Estee Lauder, Blackstone — Blackstone, , Sarah Min, Hakyung Kim, Jesse Pound Organizations: Center, Medicare, Services, CVS, UnitedHealth, Citi, Blackstone, UBS, Trump Media, Technology, Truth, Bank of America, GE Aerospace — General Electric, GE Vernova, New York Stock Exchange, General, GE Aerospace, GE, SLB Locations: Europe
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
The Q3 survey of corporate finance chiefs finds a sharp rise in CFOs pointing to government regulation as the biggest risk factor for their business. From Q1 to Q3 2023, the percentage of CFOs saying government regulation is their biggest risk jumped from roughly 6% to 40%. This quarter, only 10% of CFOs cited inflation, while the 40% who pointed to regulation represented a more than doubling quarter over quarter. watch nowFor the business community's biggest advocacy group, getting back to normal also means confronting a new normal. "The emergence of government policy as risk relative to other risks has been growing substantially over the past decade."
Persons: Mark Wilson, Trump, Sanjay Patnaik, Neil Bradley, Patnaik, Obama, Biden, Bradley, it's, Dan Clifton, we've, It's, UnitedHealth —, Cisco's, Clifton, Lina Khan, She's Organizations: U.S, Capitol, Getty, CNBC, CNBC Global, Federal Trade Commission, Google, Microsoft, Amazon, U.S . Chamber of Commerce, Brookings Institute, Corporate, industrials, Corporations, ., Apple, market's, Union, EU, Horizon Therapeutics, Activision Locations: WASHINGTON, DC, Washington ,, Covid, Russia, Ukraine, China, U.S
Morgan Stanley — Shares of the James Gorman-led bank jumped more than 6% after the firm posted second-quarter earnings and revenue that topped analysts' expectations. Bank of America – Bank of America shares rose nearly 4% after the company reported second-quarter financial results. Bank of New York Mellon — Shares rose more than 4% after Bank of New York Mellon reported second-quarter revenue and profit that beat Wall Street's expectations. PNC Financial — Shares gained 2.6% after PNC Financial reported second-quarter earnings that topped Wall Street's earnings expectations but came in slightly short on revenue. The Swiss pharmaceutical firm reported second-quarter earnings that topped estimates, according to StreetAccount.
Persons: Charles Schwab, Morgan Stanley —, James Gorman, Morgan Stanley's, Refinitiv, PacWest, Bernstein, UnitedHealth, Pinterest, intraday, Masimo preannounced, Stifel, Lockheed Martin, Macheel, Sarah Min, Yun Li, Alex Harring, Michelle Fox Organizations: Bank of America – Bank of America, Regional Banking, Western Alliance, FB Financial, Verizon, AT, Bank of New York Mellon, PNC, PNC Financial, Novartis — U.S, Novartis, Sandoz, Masimo, Lockheed Locations: San Francisco , California, Swiss, FactSet
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
Investors are turning their attention to inflation data in the week ahead, following this week's hot jobs data, to further clarify the path of future monetary policy. Market participants are hoping next week's release of the June consumer price index on Wednesday, as well as last month's producer price index on Thursday, will show a downward trajectory in inflation after this week's strong ADP data spurred investor fears of further rate hikes ahead. Broadly speaking, investors are pricing in another quarter point rate hike at the July meeting. Of note, stocks tumbled Thursday after hotter-than-expected ADP data suggested the Federal Reserve has further to go in its tightening campaign. FactSet data shows analysts expect S & P 500 earnings fell 7% in the second quarter against the same quarter a year ago.
Persons: James Ragan, Davidson, Hogan, Rhys Williams, Williams, you've, Davidson's Ragan, Citigroup startegists, Wells, UnitedHealth, Michael Barr Organizations: Traders, Federal Reserve, Riley, Dow Jones Industrial, Treasury, Asset Management, JPMorgan, Citigroup, JPMorgan Chase, BlackRock, Dow, PepsiCo, Delta Air, Conagra, Delta Air Lines, Fastenal Locations: Wells Fargo, Cintas, UnitedHealth
Toyota cars are displayed on the sales lot at Toyota Marin in San Rafael, California, May 11, 2022. Check out the companies making the biggest moves in premarket trading. Vodafone — The cellphone network added nearly 3% in premarket trading after Vodafone and CK Hutchison agreed to merge their U.K. businesses. Shell — The European oil stock was up 2.3% after Shell boosted its dividend and share buybacks and said it would keep oil production steady until 2030. SoFi Technologies — Shares added 3.25% premarket.
Persons: Akio Toyoda, Bracken Darrell, CK Hutchison, UnitedHealth, John Rex, BTIG, — CNBC's Hakyung Kim, Jesse Pound Organizations: Toyota, Toyota Marin, Logitech, Citi, Vodafone, CK, Devices, Amazon, Services, Reuters, Humana, Lumen Technologies, Google, Microsoft, Shell, SoFi Locations: San Rafael , California, Japan
Logitech — Shares tumbled 12.3% after the company announced president and CEO Bracken Darrell is departing. Toyota — The Japan-based automaker's shares gained 4.5% Wednesday. Lumen Technologies — The telecommunications stock gained 6% during midday trading Wednesday, adding to the 16% advance that was made Tuesday. Earlier in the week, the company announced a new partnership with electric vehicle software charging company ev.energy. Advanced Micro Devices — The chip stock gained nearly 2% in midday trading, a day after the company announced its latest artificial intelligence chips.
Persons: Bracken Darrell, UnitedHealth — UnitedHealth, John Franklin Rex, Akio Toyoda, Lumen, Roth MKM, Goldman Sachs, Bernstein, Bud, Raymond James, Buster's, Cinemark, Riley, Li Auto, Morgan Stanley, Wolfe, it's bullish, Gordon Haskett, SVB, — SoFi, Estée Lauder —, — CNBC's Michelle Fox, Yun Li, Sarah Min, Hakyung Kim Organizations: Logitech, Swiss Federal Institute of Technology of, Citi, Goldman, Global Healthcare, Toyota, Lumen Technologies, Google, Microsoft, Maxeon, Technologies, Reuters, Services, AMD, Anheuser, Busch InBev —, Netflix, Wolfe Research, Barclays, SVB Securities, Berenberg Locations: Swiss Federal Institute of Technology of Lausanne, Lausanne, Switzerland, Japan, Latin America
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.
The first wave of first-quarter earnings will put two of the biggest holdings of a red-hot ETF under the microscope. The JPMorgan Equity Premium Income ETF (JEPI) , which uses stock selection to find value plays and equity-linked notes to generate additional yield, has a 12-month rolling dividend yield of more than 11% and a 30-day SEC yield of 9.59%. But stock selection is still a big part of JEPI's performance, and earnings season can put that to the test. Two of the fund's top holdings, as of Tuesday, are set to report earnings this week: Progressive and UnitedHealth . Moreover, the Mayfield, Ohio-based Progressive only accounts for 0.25% in the SPDR S & P 500 ETF Trust (SPY) , but has a 1.6% weighting in JEPI.
UnitedHealth — Shares of the health insurance giant gained about 4% after the Center for Medicare & Medicaid Services on Friday announced updated payment rates. The Wall Street firm said Marqueta is facing a "multitude of headwinds" without an ironed-out renewal deal with Block. Extra Space Storage , Life Storage — Shares of Extra Space Storage fell 5% after the company said it would acquire Life Storage in an all-stock transaction for $145.82 per share, an 11.2% premium to where Life Storage closed Friday. Shares of Life Storage shares rose 3%. Ovintiv – The oil and natural gas exploration and production company saw shares jump 10% after announcing it will acquire certain Midland Basin assets from EnCap Investments for about $4.3 billion.
An employee stands next to a Whirlpool washing machine inside a home appliances showroom in New Delhi. Check out the companies making headlines after the bell:NXP Semiconductors — Shares of NXP Semiconductors dropped 3% in extended trading after its revenue outlook for the first quarter fell short of analysts' expectations, according to FactSet. The company upped its dividend and posted a slight fourth-quarter revenue beat. Whirlpool — Whirlpool shares gained more than 1.9% in extended trading after the appliance maker shared strong guidance for the year. Fourth-quarter revenue came in at $4.92 billion, slightly behind the $5.07 billion expected by analysts, according to FactSet.
Stock picks Against that backdrop, Landsberg said he favors the consumer staples and health care sectors. Consumer staples will therefore be a better trade than discretionary stocks as consumer spending power is reined in, he added. They are still going to have to buy some of these things, and that's going to be a spot that's going to hold up better." It is a leading player in consulting but more importantly in tech consulting, which is cybersecurity, artificial intelligence, and defense," Landsberg said. "With cyberattacks around the world that's going to continue, I don't see them really having a problem getting more business and continuing the business that they have," he added.
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.
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