Stocks traded mostly higher after some of the largest U.S. banks on Friday reported second-quarter earnings that topped Wall Street forecasts. The
S&P 500
pared earlier gains but was set to close the week higher.
These stocks were making moves Friday:
JPMorgan Chase
(ticker: JPM) rose 0.4% after the banking giant posted second-quarter earnings and revenue that beat Wall Street’s forecasts. It saw a surge in profit in the period thanks to higher interest rates and its acquisition of
First Republic Bank
in May.
Citigroup
(C) slid 3.4% after the bank posted second-quarter earnings and revenue that slightly beat expectations.
Wells Fargo
(WFC) was falling 0.3% after the bank posted better-than-expected earnings and revenue for its second quarter. Net interest income of $13.2 billion benefited from higher interest rates.
BlackRock
(BLK) beat second-quarter earnings expectations but net inflows for the asset manager fell short of expectations. The stock was falling 1.6%.
U.S.-listed shares of
Ericsson
(ERIC) were tumbling 11% after the Swedish telecommunications giant reported second-quarter adjusted operating profit that fell 62% from a year earlier on a sharp decline in networking-equipment sales.
American depositary receipts of Finnish telecommunications company
Nokia
(NOK) dropped 9.2% after the company cut its 2023 sales forecast,
Nokia
(NOK) cut its sales outlook and narrowed its margin guidance on Friday, citing a weaker demand outlook in the second half of the year.
Networking gear makers
Juniper Networks
(JNPR) and
Cisco Systems
(CSCO) declined on the Ericcson and
Nokia
news, falling 5.8% and 2.3%, respectively.
State Street
(STT) tumbled 10% after the financial-services company posted second-quarter net interest income that rose from a year earlier but missed analysts’ expectations. Revenue also came up short. The stock was the worst performer in the
S&P 500.
UnitedHealth
(UNH) was rising 7.1% after posting second-quarter earnings that beat analysts’ estimates and raising its 2023 earnings outlook.
Alcoa
(AA) declined 7% after the aluminum maker was downgraded to Neutral from Overweight at J.P. Morgan.
AT&T
(T) fell 4.2% to $14.49 after the telecom company was downgraded to Neutral from Overweight at J.P. Morgan. It would be the lowest close since February 23, 1994 when it closed at $14.16, according to Dow Jones Market Data. Earlier this week, The Wall Street Journal published an article that said
AT&T,
Verizon Communications
(VZ), and other telecom companies have network cables covered in potentially toxic lead across the U.S., some laid by predecessor companies.
Eli Lilly
(LLY) rose 3.1% after it reached a deal to buy Versanis Bio, a privately held biotech that is testing a monoclonal antibody drug called bimagrumab as a new treatment for obesity.
Nvidia
(NVDA) traded 0.7% higher to $463.09 after the price target on the chip maker’s stock was raised to $545 from $470 at
Truist.
Write to Joe Woelfel at [email protected]
Read the full article here
