Stocks making the biggest moves midday: UnitedHealth, JPMorgan Chase, Microsoft, JetBlue and more

Stock Market

In this article

In this arranged photo, a UnitedHealth Group health insurance card is seen in a wallet in this picture illustration October 14, 2019.
Lucy Nicholson | Reuters

Check out the companies making headlines in midday trading.

JPMorgan Chase — Shares fell slightly even after the bank reported stronger-than-expected results for the second quarter, as it benefitted from higher interest rates and better-than-expected bong trading.

Wells Fargo — Wells Fargo shares rose slightly after the Wall Street firm topped second-quarter expectations. The bank also said it anticipates higher-than-expected net interest income this year.

UnitedHealth — The health care giant popped nearly 7% after topping expectations for the second quarter on both the top and bottom lines. UnitedHealth also upped the lower end of its full-year guidance. Other health care stocks rose in sympathy, with Cigna and Elevance Health last up more than 4% each.

Citigroup — Shares of the New York-based lender fell 2% even after the firm reported second-quarter earnings and revenue that topped expectations. Despite the beat, Citi’s revenue fell 1% from a year ago as the decline in markets and investment banking businesses weighed on its results.

JetBlue Airways, American Airlines — JetBlue Airways and American Airlines slid more than 2% each in midday trading. The two airlines are no longer selling seats on each other’s flights after Thursday, following a court ruling in May that they end their more than two-year partnership.

Microsoft — The software stock rose about 2% after UBS upgraded it to a buy rating, saying its artificial intelligence opportunity and recent underperformance make it too attractive to ignore.

AT&T — The telecom stock sank nearly 5% after JPMorgan downgraded it to neutral from overweight, citing competition concerns. The Wall Street firm also said AT&T’s exposure to cable may limit the upside for shares.

State Street — Shares slumped 9.5% after the financial giant’s second-quarter revenue of $3.11 billion missed analyst estimates of $3.14 billion, per Refinitiv. However, State Street beat on earnings, reporting earnings per share of $2.17, versus the $2.10 expected by analysts.

Blackrock — Shares of the asset manager lost 2% after reporting second-quarter results. Earnings topped Wall Street’s expectations, but net inflows came up short, and showed a decline.

Alcoa — The aluminum stock fell 4.9% following a downgrade to neutral from overweight by JPMorgan. The firm said the stock could struggle as the price for the metal faces downward pressure.

Progressive — Progressive shares lost 1.5% after Wells Fargo downgraded the insurance company to equal weight from overweight, citing growth concerns.

Eli Lilly — The pharmaceutical stock rose 3% in midday trading. Eli Lilly said it plans to acquire privately-held obesity drug maker Versanis for $1.9 billion.

— CNBC’s Yun Li, Alex Harring, Sarah Min and Michelle Fox contributed reporting

Articles You May Like

Trump raised more money than Biden in second quarter
Companies around the world hit by Microsoft outage
UK mortgage rate cuts gather pace
California’s largest swath of private land taps municipal bond market
Trump returns to campaign trail for first time since assassination attempt