View the stocks that are generating news during noon trading.
Wells Fargo – A 9% loss in net interest income was disclosed by the San Francisco-based lender, which caused its shares to fall by over 7%.
Wall Street had not anticipated the bank’s second-quarter earnings and sales. Morgan Stanley The bank posted a beat in revenue and earnings for the second quarter, but shares fell 2% nonetheless.
Citigroup: As investment banking activity increased, the bank posted a better-than-expected profit, but the shares still fell more than 2%. LSEG surveyed analysts projected $1.39 per share, but earnings per share for the second quarter came in at $1.52.
AT&T, Snowflake: After disclosing that a third-party platform had improperly downloaded its user data, the telecom giant’s stock fell 1%. AT&T claims that the data was mostly call and text records from May to October 2022, and it was accessed from Snowflake.
New York Mellon Bank — Following the release of the bank’s second quarter fiscal results, which above forecasts, shares surged 4.3%. The LSEG consensus estimate of $1.43 was surpassed by adjusted earnings per share of $1.51. Revenue exceeded expectations, coming in at $4.6 billion instead of $4.52 billion.
Vana — Following BTIG’s launch at buy, shares of the used automobile platform increased by 4.3%. The company has an EBITDA margin that leads the industry and has the potential to increase both market share and earnings at the same time. In just a few months, Carvana’s stock has increased by almost 80%.
Array Technologies: Citing potential for the stock to reclaim share after losing more than 31% year to date, Citi upgraded the solar energy technology business to buy from neutral, causing shares to climb more than 5%.
Following the industrial company’s second-quarter earnings release, Fastenal’s stock increased by 4.5%. With revenue of roughly $1.92 billion, the company reported diluted earnings of 51 cents per share, up 1.8% from the same time last year.
Source (CNBC)
