During Market hours on Friday – 14.01.2022:
- The Dow (Symbol: DIA) went down 0.57%. The S&P 500 (Symbol: SPY) went up 0.04% and the Nasdaq (Symbol: QQQ) rose 0.62%.
- JPMorgan Chase (Symbol: JPM) — Shares of the major bank fell 6.1%, dragging down the major equity averages. The sell-off came after the firm posted its smallest quarterly earnings beat in nearly two years and the lender’s chief financial officer lowered guidance on companywide returns. CFO Jeremy Barnum said on a conference call that management expected “headwinds” of higher expenses and moderating Wall Street revenue.
- Wells Fargo (Symbol: WFC) — The bank stock jumped 3.6% after the company posted quarterly revenue that exceeded analysts’ expectations and a significant jump in profit. Results were helped by a $875 million reserve release that the bank had set aside during the pandemic to safeguard against widespread loan losses.
- Citigroup (Symbol: C) — Citi shares lost 1.2% despite the company reporting a beat on quarterly earnings and revenue. However, the bank also reported net income for the latest quarter dropped 26% to $3.2 billion, citing an increase in expenses.
- BlackRock (Symbol: BLK) — Shares of the asset manager fell 2.1% after the company reported a quarterly revenue miss of $5.11 billion, versus expectations of $5.16 billion, according to FactSet’s StreetAccount. The company beat earnings estimates, however, and grew its assets under management to above $10 trillion.
- Monster Beverage (Symbol: MNST) — Shares of Monster Beverage fell 4.7% a day after the company revealed plans to acquire CANarchy Craft Brewery Collective, a craft beer and hard seltzer company, for $330 million in cash. The deal would bring brands such as Jai Alai IPA, Florida Man IPA, Wild Basin Hard Seltzer and others to the Monster beverage portfolio.
- Walt Disney Co (Symbol: DIS) — Disney shares dropped 2.2% after Guggenheim downgraded the stock to neutral from buy, citing slowing profit growth in streaming and parks. The firm also cut its price target on Disney to $165 from $205.
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