A sign is posted in front of a Wendy’s restaurant on August 10, 2022 in Petaluma, California.
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Check out the companies making headlines in afternoon trading.
JP Morgan – Shares of the largest US bank by assets rose more than 2% The firm topped expectations after posting fourth quarter profit and revenue, The New York-based bank said profit rose 6% from the year-ago period to $11.01 billion, or $3.57 per share. Interest income at the bank grew by 48% on higher rates and loan growth.
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citigroup — Citigroup stock rose more than 1% As the company reported a record fourth quarter for fixed income. The bank said net income fell by more than 21% compared to the previous year as it set aside more money for potential credit losses.
Delta Airlines – Airline stock dropped nearly 4% after The company said in its outlook that higher labor costs Its first quarter profits will take a hit. Delta topped analyst expectations for the fourth quarter at the top and bottom line.
Wendy — The fast-food chain’s stock added 5.7% Wendy’s Shares After Positive Initial Fourth Quarter Results and announced a handful of reshuffles within its corporate structure. A regulatory filing also indicated that Nelson Peltz is not looking to acquire Wendy’s.
Wells Fargo Bank stocks dipped 0.1% After the news of shrinking profits of the firm, weighed down by a recent accord and the need to build reserves amid a deteriorating economy. Wells Fargo’s net income fell 50% to $2.86 billion from $5.75 billion a year earlier. The bank set aside $957 million for credit losses after reducing its provisions by $452 million a year earlier.
Bank of America — Financial stocks rose less than 1% on Friday Bank of America after beating estimates at the top and bottom line for the fourth quarter, A sharp increase in net interest income helped the results, though management cautioned that the metric could fall sequentially in the first quarter. CEO Brian Moynihan also said that a mild recession was the firm’s baseline assumption for 2023.
Virgin Galactic Holdings — The space tourism company jumped nearly 13% after being on track for a commercial launch in the second quarter of 2023. The company also announced the departure of its president of aerospace systems, Swami Iyer.
Tesla – Shares of electric-vehicle makers shed over 2% after being downgraded to sell from nutraby El Guggenheim and Cut the prices of your vehicles in America and Europe, In its downgrade, Guggenheim cited concerns with Tesla’s fourth-quarter estimates.
Bank of New York Mellon — Shares of the mid-sized bank rose 2.5% on Friday after the company reported fourth-quarter net income of $509 million. It was down 38% year over year but was up nearly 60% from the third quarter. Excluding certain items, profit would have risen to $1.1 billion, or $1.30 per share, but it was unclear whether the results were comparable to analysts’ estimates.
unitedhealth — The health care stock advanced more than 1% after the company beat Wall Street’s fourth-quarter expectations. UnitedHealth reported adjusted earnings per share of $5.34 on $82.8 billion in revenue. Analysts polled by Refinitiv expected earnings of $5.17 per share on revenue of $82.59 billion.
Lockheed Martin After this the defense stock slipped more than 3% Goldman Sachs downgraded the stock to Sell from Neutral rating., The firm said the shares may decline if the government cuts defense spending. northrop grumman Shares also dove 5% following Goldman’s downgrade from sell to neutral rating.
sales force – Software stock declined 1% Atlantic Equities downgraded from Overweight to Neutral, The firm said executive departures and slower growth will hurt the stock.
logitech — Shares of the consumer electronics company fell 3.3% after Deutsche Bank downgraded shares From Buy rating to Hold. Thursday’s losses pared after reporting preliminary results that indicated a decrease in sales and earnings.
warner music group — Shares of Warner Music Group fell 5.5% after Guggenheim cut its rating on the stock from buy to neutral and cut its price target from $38 to $35, citing concerns over revenue from the music streaming service .
copa – Shares of the Latin American airline jumped 4.9% upgraded from neutral to overweight by analysts at JP Morgan. The bank said shares could rally as much as 50% on the back of a resurgence of air travel.
autonation – AutoNation stock fell 4.3% Wells Fargo downgrades automotive retailer from overweight rating to equal weightSaying that its valuations seem “reasonable” and estimates seem very high.
— CNBC’s Jesse Pound, Yoon Lee, Michelle Fox, Alex Harring and Carmen Reinike contributed reporting