During Market hours Friday — (Friday – 14.10.2022):
- The Dow (Symbol: DIA) went down -1.24%. The S&P 500 (Symbol: SPY) lost -2.28% and the Nasdaq (Symbol: QQQ) went down -3.01%.
- JPMorgan Chase (Symbol: JPM) — The bank gained +2.8% after topping estimates for the recent quarter. JPMorgan Chase said net interest income surged 34% to $17.6 billion in the period due to higher rates.
- Morgan Stanley (Symbol: MS) — Morgan Stanley’s stock slumped -4.6% after the bank posted weaker-than-expected third-quarter earnings. Revenue also fell short of expectations as a result of a decline in investment banking.
- Citigroup (Symbol: C) — Citigroup rose more than +1% after its third-quarter revenue climbed more than analysts expected, helped by rising interest rates. Citi’s earnings per share also topped Wall Street expectations. However, its earnings fell 25% from the year-earlier period as it bulked up its credit loss provisions and investment banking slumped.
- Wells Fargo (Symbol: WFC) — The bank stock was up +3% after Wells Fargo reported quarterly earnings and revenue that topped analysts’ expectations. The strong numbers came even after Wells set aside $784 million for credit losses. CEO Charlie Scharf said the bank is positioned well to continue to benefit from higher rates.
- Delta Air Lines (Symbol: DAL) — The airline got a +3% lift after Cowen upgraded its shares, citing recovery in the travel industry, which has seen increased business and international travel with the easing of pandemic restrictions.
- Nasdaq (Symbol: NDAQ) — The exchange operator’s stock dropped -5% following a double downgrade to underperform by Bank of America. Among the reasons for the downgrade, the bank cited Nasdaq’s premium valuation and 2023 headwinds likely expected to weigh on earnings per share.
- Beyond Meat (Symbol: BYND) — Shares declined -6.8% after Beyond Meat said it plans to cut 19% of its workforce as the plant-based meat company struggles with falling sales. Several top executives are leaving, including chief operating officer Doug Ramsey — who was arrested after allegedly biting a man’s nose.
- Tesla (Symbol: TSLA) — Tesla shares fell more than -6% after a Wells Fargo analyst trimmed its price target on the electric vehicle stock to $230 from $280 a share. The analyst cited concern over higher interest rates for the target cut.
During Premarket hours today – (Monday – 17.10.2022):
- Bank of America (Symbol: BAC) — Bank of America jumped +3.1% in premarket trading after beating top and bottom line estimates in its third-quarter earnings report. Results were boosted by an increase in net interest income.
- Bank of NY Mellon (Symbol: BK) — The bank’s stock rallied +4.4% in premarket action following better-than-expected third-quarter results. Net interest revenue surged 44% from a year ago during the quarter.
- Apple (Symbol: AAPL) — Apple added +1.4% in the premarket after Morgan Stanley named it a “top pick” for its ability to withstand an economic downturn.
- Meta Platforms (Symbol: META) — Meta is falling short of its goals for its flagship metaverse product “Horizon Worlds”, according to internal documents seen by the Wall Street Journal. The product has less than 200,000 monthly active users, compared with an initial goal of 500,000 by the end of this year and a revised year-end goal of 280,000. Meta rose +1.6% in the premarket.
- Goldman Sachs (Symbol: GS) — Goldman plans to combine its various businesses into three divisions in a significant reorganization, according to people familiar with the matter who spoke to the Wall Street Journal. One unit will house investment banking and trading, with asset and wealth management in another and transaction banking in a third division. Goldman added +1% in premarket trading.
- Credit Suisse (Symbol: CS) — Credit Suisse rallied +3.2% in premarket action after the Financial Times reported that the company is prepared to sell parts of its Swiss domestic bank to raise capital.
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