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Check out the companies making headlines in midday trading.
Morgan Stanley — Shares of the James Gorman-led bank jumped more than 6% after the firm posted second-quarter earnings and revenue that topped analysts' expectations. The results were helped by Morgan Stanley's record revenue from wealth management.
Bank of America – Bank of America shares rose nearly 4% after the company reported second-quarter financial results. Earnings came in at 88 cents a share, although analysts estimated a profit of 84 cents per share, according to a Refinitiv estimate. The bank posted revenue of $25.33 billion fueled by a 14% jump in net interest income amid higher rates. Analysts anticipated revenue of $25.05 billion.
Charles Schwab — The brokerage stock popped 12% after reporting stronger-than-expected results for the second quarter. Charles Schwab reported adjusted earnings of 75 cents per share on $4.66 billion in revenue. Analysts surveyed by Refinitiv had expected EPS of 71 cents on $4.61 billion in revenue.
Microsoft — Microsoft shares jumped 4% in midday trading. The software giant announced pricing for its AI Copilot tool. Microsoft also announced an expanded partnership with Meta Platforms to make the social media company's open source large language model available on Azure and Windows.
Regional bank stocks — Regional bank stocks gained on Tuesday on the heels of a fresh batch of bank results, lifting the SPDR S&P Regional Banking ETF (KRE) more than 3%. Western Alliance popped nearly 8% ahead of earnings after the bell. PacWest was up 9%, while FB Financial gained more than 6% and Zions Bancorporation rose about 3%.
UnitedHealth — The health-insurance stock gained 3.7% after being upgraded to outperform from
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