Take a look at the businesses grabbing attention during noon trading:
Bank of America — A 9% loss in net interest income was disclosed by the San Francisco-based lender, which caused its shares to fall by over 7%. Given that net interest income is a crucial indicator of a bank’s profitability, Wells Fargo’s reported earnings fell short of analysts’ expectations, which were $12.12 billion, as reported by FactSet. Wall Street had not anticipated the bank’s second-quarter earnings and sales.
Carvana – Following BTIG’s launch at buy, shares of the used-car marketplace increased 4.3%. The business has the best EBITDA margin in the sector and has the potential to increase earnings and market share at the same time. In just three months, Carvana shares have increased by over 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%.
Fastenal — Following the industrial company’s second-quarter earnings release, the shares 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.
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 2022 to October 2022, and it was accessed from Snowflake. The stock of Snowflake dropped 2.5%.
Bank of New York Mellon: Following the release of the bank’s second quarter fiscal results, which above forecasts, shares of the bank surged by 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.
JPMorgan — Even though the bank reported better-than-expected earnings and sales for the second quarter, shares fell 2%. JPMorgan revealed sales of $50.99 billion, above the $49.87 billion projected by LSEG’s panel of experts.
Citigroup Even when the bank announced higher-than-expected profit and investment banking activity increased, the shares fell by more than 2%. For the second quarter, earnings per share were $1.52 as opposed to the $1.39 per share that LSEG’s survey of analysts predicted.
Source (CNBC)
