Pedestrians walk past a sign posted outside the Charles Schwab offices in San Francisco, California, April 17, 2023.
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Check out the companies making headlines in midday trading.
Morgan Stanley — Shares of James Gorman’s bank rose more than 6 percent after the bank led by James Gorman reported second-quarter profit and revenue that beat analysts’ expectations. The performance was driven by record wealth management revenue at Morgan Stanley.
Bank of America – Shares of Bank of America rose nearly 4% after it reported second-quarter financial results. Analysts expected a profit of 84 cents a share, according to estimates from Refinitiv, but earnings per share came in at 88 cents. Net interest income rose 14% as interest rates rose, with the bank reporting $25.33 billion in revenue. Analysts expected revenue of $25.05 billion.
Charles Schwab — Shares of the brokerage rose 12% after reporting stronger-than-expected second-quarter results. Charles Schwab reported adjusted earnings of 75 cents a share on revenue of $4.66 billion. Analysts polled by Refinitiv had expected earnings of 71 cents a share on revenue of $4.61 billion.
Microsoft — Microsoft shares were up 4 percent in midday trading. The software giant announced pricing for its AI Copilot tool.Microsoft also announced the expansion of the meta platform Made social media company’s open-source large-scale language model available on Azure and Windows.
Regional Bank Stocks – Regional bank stocks rose on Tuesday as a fresh batch of bank results were released, boosting the SPDR S&P Regional Banks ETF (KRE) More than 3%. Western Union After hours, the company’s shares were up nearly 8% from earnings. Pacific Westpac rose 9%, while FB Finance increased by more than 6% and Zion Bank up about 3%.
joint health — Health insurers rose 3.7 percent after Bernstein upgraded the health insurer to outperform. UnitedHealth is a “best-in-class” managed care and value-based care company with an attractive valuation and “substantial room for growth,” the company said.
verizon, AT&T — Verizon and AT&T rose about 5% and 1%, respectively, reversing a recent decline in their shares after a report linking the two companies to lead-clad cables raised concerns among analysts.
Bank of New York Mellon — Shares of BNY Mellon rose more than 4 percent after it reported second-quarter revenue and profit that beat Wall Street expectations.
interest — Shares hit their highest intraday level since early 2022, having recently risen about 2%. Evercore ISI said improving advertising trends are creating an inflection point for the stock.
PNC Financial — PNC Financial rose 2.6 percent after reporting second-quarter profit that topped Wall Street earnings expectations but slightly missed revenue expectations. The financial services company reported earnings of $3.36 per share on revenue of $5.29 billion.
prelude — Logistics real estate shares fell nearly 4 percent after second-quarter results missed Refinitiv revenue estimates. Prologis reported net income of $1.31 per share on rental income of $1.65 billion.
Novartis — Novartis rose 5% in U.S.-listed trading. The Swiss pharmaceutical company reported second-quarter earnings that topped expectations, according to StreetAccount. Novartis reported core earnings per share of $1.83, beating estimates of $1.70. The company reported revenue of $13.62 billion, topping the consensus estimate of $13.23 billion. The company raised its full-year forecast. Its board also approved the separation from the Sandoz division.
field — Shares of Masimo plunge 20% afterward Early announcement of the second quarter Revenue was weaker than consensus estimates and full-year guidance was lowered. In its guidance, the medical device maker said second-quarter revenue would be $453 million to $457 million, missing expectations for $553.3 million, according to the FactSet consensus. Stifel downgraded the stock from “buy” to “hold” following the warning, according to StreetAccount.
lockheed martin – The aerospace company gave up earlier gains after its latest financial report. Lockheed Martin reported profit of $6.73, beating estimates of $6.45 on revenue of $16.69 billion, beating estimates of $15.92 billion, according to FactSet. The stock opened higher and was last trading flat.
— CNBC’s Tanaya Macheel, Sarah Min, Yun Li, Alex Harring and Michelle Fox contributed reporting