Stocks making the biggest moves midday: JPMorgan, Wynn Resorts, Sherwin-Williams, Disney and more
Check out the companies making headlines in midday trading.
Casino stocks — Las Vegas Sands and Wynn Resorts saw their shares jump more than 11% and 7%, respectively, after the Macau government said the number of casinos allowed to operate there would remain limited at six. Licenses of the current operators – which include Wynn Macau, Sands China and MGM China – are set to expire this year. Shares of MGM Resorts slipped slightly.
JPMorgan Chase — Shares of the major bank fell more than 5%, dragging down the major equity averages. The sell-off came after the firm posted its smallest quarterly earnings beat in nearly two years and the lender’s chief financial officer lowered guidance on companywide returns. CFO Jeremy Barnum said on a conference call that management expected “headwinds” of higher expenses and moderating Wall Street revenue.
Wells Fargo — The bank stock jumped more than 3% after the company posted quarterly revenue that exceeded analysts’ expectations and a significant jump in profit. Results were helped by a $875 million reserve release that the bank had set aside during the pandemic to safeguard against widespread loan losses.
Citigroup — Citi shares lost 2.5% despite the company reporting a beat on quarterly earnings and revenue. However, the bank also reported net income for the latest quarter dropped 26% to $3.2 billion, citing an increase in expenses.
BlackRock — Shares of the asset manager fell 2.6% after the company reported a quarterly revenue miss of $5.11 billion, versus expectations of $5.16 billion, according to FactSet’s StreetAccount. The company beat earnings estimates, however, and grew its assets under management to above $10 trillion.
Monster Beverage — Shares of Monster Beverage fell 4.5% a day after the company revealed plans to acquire CANarchy Craft Brewery Collective, a craft beer and hard seltzer company, for $330 million in cash. The deal would bring brands such as Jai Alai IPA, Florida Man IPA, Wild Basin Hard Seltzer and others to the Monster beverage portfolio.
Boston Beer Company — The alcoholic beverage company’s shares slid more than 9% a day after the brewer cut its annual earnings outlook, citing high costs related to supply chain issues and waning growth of its hard seltzer brand Truly.
Walt Disney Co — Disney shares dropped 3.8% after Guggenheim downgraded the stock to neutral from buy, citing slowing profit growth in streaming and parks. The firm also cut its price target on Disney to $165 from $205.
Sherwin-Williams — The paint company saw its shares fall nearly 3% after it cut its full-year forecast, citing supply chain issues it expects will persist through the current quarter. Sherwin-Williams also said demand is still strong in most of its end markets.
Domino’s Pizza — Shares of Domino’s Pizza slid 2.8% after Morgan Stanley downgraded the restaurant chain stock to an equal weight rating. “DPZ still embodies many of the characteristics of a great long term growth compounder, we see limited justification for further multiple expansion, especially as DPZ’s sales growth will likely being to normalize after experiencing substantial Covid (and stimulus) benefits in 20/21,” Morgan Stanley said.
— CNBC’s Yun Li and Hannah Miao contributed reporting
