Pedestrians walk past an Automated Teller Machine (ATM) kiosk at the JPMorgan & Chase bank branch in downtown Chicago, Illinois.
Christophe Dilts | Bloomberg | Getty Images
Find out which companies are making headlines in the midday business.
JPMorgan Chase – Shares of JPMorgan Chase fell nearly 4% and hit a 52-week low after the bank reported quarterly results that beat analysts’ expectations, as the bank built up reserves for doubtful debts. CEO Jamie Dimon said high inflation, falling consumer confidence and geopolitical tensions are likely to hurt the global economy going forward. The bank also announced that it would temporarily suspend share buybacks.
Goldman Sachs – Goldman Sachs shares fell 3% following disappointing results from JPMorgan and Morgan Stanley. The bank is due to release its own quarterly results on Monday.
Conagra brands – Food stock fell 8.5% after Conagra’s quarterly results showed the company’s sales volume declined. In other words, revenue growth comes from the mix of sales and price increases. Conagra’s earnings and revenue for the prior quarter were close to analysts’ expectations.
First Republic Bank – Shares rose more than 1% after the bank reported earnings that topped and bottomed expectations. First Republic Bank reported earnings of $2.16 per share on revenue of $1.5 billion. Analysts had expected earnings of $2.09 per share on revenue of $1.47 billion, according to consensus estimates from FactSet.
Cisco – Shares of Cisco fell 2.2% after JPMorgan downgraded the stock to outperform neutral. The bank also recommended investors look to a “more diversified vendor” such as rival Juniper Networks.
Energy stocks – The energy sector led the losses in the S&P 500, slipping more than 3%. Shares of Halliburton, Diamondback Energy, Marathon Oil and Coterra Energy all lost at least 4.2%. Chevron fell about 3%.
Costco – Shares of retailer Costco jumped 2.9% after Deutsche Bank upgraded the stock to buy and raised its price target to $575 from $525. Deutsche said Costco is “one of the most consistent operators in our group, and its consistent traffic gains and high membership renewal rates serve as key differentiators in an increasingly uncertain environment.”
– CNBC’s Sarah Min and Jesse Pound contributed reporting
JPMorgan Chase, Goldman Sachs, Conagra Brands and more
Source link JPMorgan Chase, Goldman Sachs, Conagra Brands and more