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Check out the companies that make headlines for trading at noon.
Casino stocks — Las Vegas Sands When Wynn Resorts After the Macau government said the number of casinos it could operate there remained limited to six, their shares surged by more than 11% and 7%, respectively. Licenses for current operators, including Wynn Macau, Sands China and MGM China, will expire this year. MGM Resort’s share has fallen slightly.
JPMorgan Chase — Mega Bank stocks fell by more than 5%, lowering the average of major stocks.The sale came after the company Posted the smallest quarterly earnings beat In almost two years, the lender’s chief financial officer has lowered guidance on company-wide earnings. CFO Jeremy Burnham said in a conference call that management expects a “headwind” of rising costs and easing Wall Street earnings.
Wells Fargo — Bank stocks surged more than 3% after the company posted quarterly earnings that exceeded analysts’ expectations And a big jump in profits.. The result was helped by the release of a $ 875 million reserve that banks set aside to protect against widespread bad debt losses during a pandemic.
Citigroup — Citi’s stock fell 2.5% despite the company reporting quarterly earnings and earnings beats.However, banks also reported net income for the most recent quarter. $ 3.2 billion, down 26%, Quote the increase in expenses.
Black lock — According to FactSet’s Street Account, asset manager stocks were down 2.6% after the company reported a $ 5.11 billion quarterly earnings mistake, but were expected to be $ 5.16 billion. However, the company exceeded earnings estimates and increased its assets under management to more than $ 10 trillion.
Monster Beverage — Monster Beverage’s share fell 4.5% a day after the company announced plans to buy craft beer and hardselzer company CANarchy Craft Brewery Collective for $ 330 million in cash. The agreement adds brands such as Jai alai IPA, Florida Man IPA, and Wild Basin Hardselzer to the Monster Energy portfolio.
Boston Beer Company — Liquor company stocks fell more than 9% a day after brewers lowered their annual earnings outlook due to high costs associated with supply chain issues and slowing growth of the hardselzer brand Truly.
Walt Disney Co — Disney stocks fell 3.8% after Guggenheim Downgrade inventory From purchase to neutral because of slowing profit growth in streaming and parks. The company also lowered Disney’s pricing target from $ 205 to $ 165.
Sherwin-Williams — The paint company confirmed that its market share fell by nearly 3% after lowering its full-year forecast. This shows that we expect supply chain issues to continue throughout the quarter. Sherwin-Williams also said demand remains strong in most end markets.
Domino’s Pizza — Domino’s Pizza shares fell 2.8% after Morgan Stanley Downgrade of restaurant chain inventory To the same weight rating. “DPZ still embodies many of the characteristics of a great long-term growth compounder, especially after experiencing substantial Covid (and stimulus) benefits on 20/21, which could normalize DPZ sales growth. Due to its high nature, the legitimacy of further expansions is limited, “said Morgan Stanley.
— CNBC’s Yun Li and Hannah Miao contributed to the report
JP Morgan, Wynn Resorts, etc.
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