JPMorgan Chase, Goldman Sachs, Conagra Brands and more

JPMorgan Chase, Goldman Sachs, Conagra Brands and more

Take a look at the businesses making headlines in noon buying and selling.

JPMorgan Chase – Shares of JPMorgan Chase sunk almost 4% and hit a 52-week low after the financial institution reported quarterly earnings that missed analyst expectations, because the financial institution constructed reserves for dangerous loans. CEO Jamie Dimon stated that top inflation, waning client confidence and geopolitical stress are prone to harm the worldwide financial system going ahead. The financial institution additionally introduced it might briefly droop share buybacks.

Goldman Sachs – Shares of Goldman Sachs fell 3% following disappointing earnings from JPMorgan and Morgan Stanley. The financial institution is scheduled to report its personal quarterly earnings on Monday.

Conagra Brands – The meals inventory sank 8.5% after Conagra’s quarterly outcomes revealed the corporate’s gross sales quantity declined. In different phrases, income development got here from gross sales combine and value will increase. Conagra’s earnings and income for the earlier quarter got here in near analyst expectations.

First Republic Financial institution — Shares rose more than 1% after the financial institution reported earnings that surpassed expectations on the highest and backside strains. First Republic Financial institution posted earnings of $2.16 per share on income of $1.5 billion. Analysts have been anticipating earnings of $2.09 per share on income of $1.47 billion, in response to consensus estimates from FactSet.

Cisco – Shares of Cisco fell 2.2% after JPMorgan downgraded the inventory to impartial from outperform. The financial institution additionally really useful buyers rotate right into a “more diversified supplier” resembling rival Juniper Networks.

Power shares – The vitality sector led losses within the S&P 500, slipping more than 3%. Shares of Halliburton, Diamondback Power, Marathon Oil and Coterra Power all shed a minimum of 4.2%. Chevron dropped about 3%.

Costco – Shares of retailer Costco jumped 2.9% after Deutsche Financial institution upgraded the inventory to purchase and rising its value goal to $575 from $525. Deutsche stated Costco is “is one of the most consistent operators in our group, and its steady traffic gains and high membership renewal rates serve as key differentiators in an increasingly uncertain backdrop.”

— CNBC’s Sarah Min and Jesse Pound contributed reporting

Source link

Fed Governor Waller says he's open to 'larger' rate hike this month than in June Previous post Fed Governor Waller says he’s open to ‘larger’ rate hike this month than in June
Jamie Dimon rips Fed stress test as 'terrible way to run' financial system Next post Jamie Dimon rips Fed stress test as ‘terrible way to run’ financial system