Stocks making the biggest moves midday: Wells Fargo, JPMorgan, AT&T, Carvana and more
Take a look at the companies that have made waves in today’s midday trading:
— The San Francisco-based lending company saw its shares dip almost 7% after it revealed a 9% decrease in net interest income. Despite surpassing Wall Street’s expectations for the second quarter’s earnings and revenue, Wells Fargo’s $11.92 billion net interest income, a critical metric of a bank’s earnings on lending, fell short of the anticipated $12.12 billion.
— Despite surpassing earnings and revenue expectations for its second quarter, shares of JPMorgan dipped 2%. The bank reported a higher provision for credit losses than anticipated in the current quarter, implying that it anticipates increased defaults on loans in the future.
— Shares fell over 2% despite the bank reporting better-than-predicted profits due to a surge in investment banking activity. However, its fixed income revenue saw a slight dip.
— A 1% fall in AT&T shares occurred after the telecom company disclosed illegal downloading of its customer data from a third-party platform, Snowflake, resulting in a 2.5% drop in Snowflake’s shares.
— The bank’s shares surged 4.3% following better-than-expected fiscal results for its second quarter.
— The used-car platform’s shares went up by 4.3% following BTIG’s initiation at buy, with the latter citing the company’s industry-leading EBITDA margin and potential for simultaneous market share and profit growth.
— The solar energy technology company’s shares rose over 5% after an upgrade from neutral to buy by Citi due to potential for the stock to reclaim lost share.
— The industrial company’s stock climbed 4.5% after it reported second quarter earnings. The company reported a slight increase in revenue and earnings were in line with estimates.
— The coconut water company’s shares declined by 5.5% following a downgrade by Piper Sandler to neutral from overweight, pointing to rising sea freight costs as a potential issue.
