The headquarters of JP Morgan Chase & Co., the JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York.
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Find out which companies are making headlines in the midday business.
JPMorgan Chase – Shares fell 3.5% as JPMorgan Chase announced a $524 million hit due to market disruption caused by sanctions on Russia due to the war in Ukraine. The bank posted better-than-expected earnings and revenue in the first quarter, but profits fell 42% from a year earlier.
Delta Air Lines – Airline stock rose 4.6% as Delta forecast a return to profit in the current quarter. Delta posted a lower-than-expected loss per share in its fiscal first quarter and beat consensus revenue expectations.
American Airlines – Other travel stocks surged after Delta’s report. American Airlines climbed 9.5%, Southwest Airlines 6.8% and Norwegian Cruise Line 5.9%.
PayPal Holdings, Walmart – Walmart on Tuesday after the bell announced it had hired PayPal chief financial officer John Rainey. Rainey will replace Brett Biggs, who has served as chief financial officer since 2015. PayPal fell about 4%, while Walmart shares rose about 2%.
Fastenal – Shares rose 1.8% after a stronger than expected quarterly earnings report. The company reported earnings of 47 cents per share on revenue of $1.7 billion. Analysts polled by Refinitiv had expected earnings of 45 cents per share on revenue of $1.69 billion.
Charles Schwab – The brokerage rose 3.4% after Morgan Stanley named it a “top pick” and said rising rates would boost the stock. The company’s price target on BlackRock implies an upside of around 65%.
Warner Bros. Discovery – Shares rose 7.7% after Bank of America launched the media stock with a buy rating. The company said the merger of the two media companies creates “power”.
Gap – The retail stock jumped 9.5% after a report by Activist Insight speculated the company could be a potential target of activists. CNBC did not confirm the report.
– CNBC’s Samantha Subin and Tanaya Macheel contributed reporting.