Stocks making the biggest moves midday: JPMorgan Chase, Albertsons, Tesla, Beyond Meat, Delta and more
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Check out the companies making headlines in midday trading Friday.
Albertsons — Shares of the Safeway owner dropped 7% on news that Kroger has agreed to purchase Albertsons in a deal valued at $24.6 billion, or $34.10 a share. Kroger's shares slipped 4.8%.
JPMorgan Chase — The bank gained 2.8% after topping estimates for the recent quarter. JPMorgan Chase said net interest income surged 34% to $17.6 billion in the period due to higher rates.
Morgan Stanley — Morgan Stanley's stock slumped 4.6% after the bank posted weaker-than-expected third-quarter earnings. Revenue also fell short of expectations as a result of a decline in investment banking.
Citigroup — Citigroup rose more than 1% after its third-quarter revenue climbed more than analysts expected, helped by rising interest rates. Citi's earnings per share also topped Wall Street expectations. However, its earnings fell 25% from the year-earlier period as it bulked up its credit loss provisions and investment banking slumped.
Wells Fargo — The bank stock was up 3% after Wells Fargo reported quarterly earnings and revenue that topped analysts' expectations. The strong numbers came even after Wells set aside $784 million for credit losses. CEO Charlie Scharf said the bank is positioned well to continue to benefit from higher rates.
Delta Air Lines – The airline got a 3% lift after Cowen upgraded its shares, citing recovery in the travel industry, which has seen increased business and international travel with the easing of pandemic restrictions.
Nasdaq — The exchange operator's stock dropped 5% following a double downgrade to underperform by Bank of America. Among the reasons for the downgrade, the bank cited Nasdaq's premium valuation and 2023
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