A UnitedHealth group health insurance card is seen in a wallet, October 14, 2019.
Lucy Nicholson | Reuters
Find out which companies are making headlines in the midday business.
JPMorgan Chase — Equities rose slightly by 0.6% after reported bank stronger than expected second quarter results as it benefited from higher interest rates and better than expected bond swaps.
Wells Fargo – Wells Fargo shares fell slightly even after the Wall Street firm leading the second quarter expectations. The bank also said it expects higher-than-expected net interest income this year.
UnitedHealth — The healthcare giant jumped 7.2% after beating expectations for the second quarter in both earnings and results. UnitedHealth also raised the lower end of its full-year forecast. Other healthcare stocks rose in sympathy, with Cigna And Elevance Health last up to more than 4% each.
Citigroup — Shares in the New York-based lender fell 4% even after the company second quarter results announced and revenues above expectations. Despite the pace, Citi’s revenue fell 1% from a year ago as declines in markets and investment banking business weighed on its results.
Jet Blue Airways, American airlines — JetBlue Airways and American Airlines fell 3.8% and 1.7% respectively. Both airlines are no longer sell seats on each other’s flights after Thursday, following a court ruling in May ordering them to end their more than two-year partnership.
Microsoft — Software stocks ended 0.8% after UBS upgraded to a buy rating, saying its AI opportunity and recent underperformance make it too attractive to ignore.
AT&T — The telecommunications stock fell 4.1% after JPMorgan demoted to neutral overweight, citing competition concerns. The Wall Street firm also said AT&T’s exposure to cable could limit the stock’s upside.
State Street – Shares fell 12.1% after the financial giant’s second-quarter revenue of $3.11 billion missed analysts’ estimates of $3.14 billion, according to Refinitiv. However, State Street beat earnings, reporting earnings per share of $2.17, versus $2.10 expected by analysts.
black rock — Shares of the asset manager fell 1.6% after the release of second-quarter results. Earnings beat Wall Street expectations, but net inflows fell short.
Alcoa — The aluminum stock fell 5.9% following an overweight downgrade to neutral by JPMorgan. The company said the stock could struggle as the price of the metal faces downward pressure.
progressive – Progressive stocks gained 1.8%, reversing earlier losses, after Wells Fargo downgraded the insurance company equals overweight, citing growth issues.
Eli Lily — The pharmaceutical stock rose 3.5% at noon. Eli Lilly has announced plans to acquire a private obesity drug maker Versanis for $1.9 billion.
– CNBC’s Yun Li, Alex Harring, Sarah Min and Michelle Fox contributed reporting.
