Pedestrians move in entrance of a JPMorgan & Chase financial institution department automated teller machine (ATM) kiosk in downtown Chicago, Illinois.
Christopher Dilts | Bloomberg | Getty Images
Check out the businesses making headlines in noon buying and selling.
JPMorgan Chase – Shares of JPMorgan Chase sunk almost 4% and hit a 52-week low after the financial institution reported quarterly earnings that missed analyst expectations, because the financial institution constructed reserves for dangerous loans. CEO Jamie Dimon mentioned that prime inflation, waning client confidence and geopolitical pressure are prone to harm the worldwide economic system going ahead. The financial institution additionally introduced it might briefly droop share buybacks.
Goldman Sachs – Shares of Goldman Sachs fell 3% following disappointing earnings from JPMorgan and Morgan Stanley. The financial institution is scheduled to report its personal quarterly earnings on Monday.
Conagra Brands – The meals inventory sank 8.5% after Conagra’s quarterly outcomes revealed the corporate’s gross sales quantity declined. In different phrases, income development got here from gross sales combine and worth will increase. Conagra’s earnings and income for the earlier quarter got here in near analyst expectations.
First Republic Bank — Shares rose more than 1% after the financial institution reported earnings that surpassed expectations on the highest and backside strains. First Republic Bank posted earnings of $2.16 per share on income of $1.5 billion. Analysts have been anticipating earnings of $2.09 per share on income of $1.47 billion, in keeping with consensus estimates from FactSet.
Cisco – Shares of Cisco fell 2.2% after JPMorgan downgraded the inventory to impartial from outperform. The financial institution additionally really helpful buyers rotate right into a “more diversified supplier” reminiscent of rival Juniper Networks.
Energy shares – The vitality sector led losses within the S&P 500, slipping more than 3%. Shares of Halliburton, Diamondback Energy, Marathon Oil and Coterra Energy all shed at the least 4.2%. Chevron dropped about 3%.
Costco – Shares of retailer Costco jumped 2.9% after Deutsche Bank upgraded the inventory to purchase and growing its worth goal to $575 from $525. Deutsche mentioned Costco is “is one of the most consistent operators in our group, and its steady traffic gains and high membership renewal rates serve as key differentiators in an increasingly uncertain backdrop.”
— CNBC’s Sarah Min and Jesse Pound contributed reporting