Midday movers: JPMorgan, Bank of America, Exxon, Tesla and more
(Updated — January 12, 2024 11:47 AM EST)
Investing.com — Main U.S. indexes were lower Friday as investors digested earnings from a number of major banks and more inflation data.
Here are some of the biggest U.S. stock movers today:
JPMorgan Chase (NYSE:JPM) stock rose 2% on the open after the lender reported record full-year profit, benefiting from rising interest rates, despite a 15% fall in net income in the final quarter. Gains dwindled throughout the morning and the stock was flat midday.
Bank of America (BAC) stock fell 2.4% after the lender’s fourth-quarter profit shrank as it took $3.7 billion in combined charges to refill a government deposit insurance fund and phase out a loan index.
Wells Fargo (WFC) stock fell 3% after the bank warned that 2024 net interest income could be 7% to 9% lower than a year earlier, even as its fourth-quarter profit jumped, benefiting from cost cuts.
Tesla (NASDAQ:TSLA) stock fell 3.3% after the EV maker cut prices of some of its new China models, while adding it will suspend most car production at its factory near Berlin.
Delta Air Lines (NYSE:DAL) stock fell 8% after the carrier cut its profit outlook for the current year, citing supply chain issues and macroeconomic uncertainties. Shares of United Airlines (UAL) and American Airlines (NASDAQ:AAL) were also lower.
Lucid (NASDAQ:LCID) stock fell 7% after the EV maker announced it’s recalling more than 2,000 units of its Air luxury electric sedan for potential faults in early versions of a part that could pose a safety risk due to obstructed driver vision.
BlackRock (NYSE:BLK) stock fell 0.8% after the world’s largest asset manager said it will buy fund manager Global Infrastructure Partners in a deal worth $12.5 billion, and posted
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