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Find out which companies are making headlines in the midday business.
Casino shares – Las Vegas Sands and Wynn Resorts saw their shares jump 14.1% and 8.6%, respectively, after the Macau government said the number of casinos allowed to operate there would remain limited to six. The licenses of current operators – which include Wynn Macau, Sands China and MGM China – are expected to expire this year. MGM Resorts shares fell slightly.
JPMorgan Chase – Shares of the big bank fell 6.1%, dragging down the averages of major stocks. The sale came after the company posted its smallest quarterly profit in nearly two years and the lender’s CFO lowered his forecast for company-wide returns. CFO Jeremy Barnum said on a conference call that management expected “headwinds” from increased spending and moderation in Wall Street’s income.
Wells Fargo — Banking stock jumped 3.6% after the company posted quarterly revenue that beat analysts’ expectations and a significant rise in profits. The results were aided by a $ 875 million reserve release the bank had built up during the pandemic to protect against widespread loan losses.
Citigroup – Citi shares fell 1.2% despite the company reporting a beating in quarterly earnings and revenue. However, the bank also reported net profit for the last quarter down 26% to $ 3.2 billion, citing increased spending.
BlackRock – Shares in the asset manager fell 2.1% after the company reported a quarterly shortfall of $5.11 billion, against expectations of $5.16 billion, according to FactSet’s StreetAccount . However, the company exceeded profit estimates and increased its assets under management to over $ 10,000 billion.
Monster Beverage – Monster Beverage shares fell 4.7% a day after the company announced plans to acquire CANarchy Craft Brewery Collective, a craft beer and hard seltzer company, for $330 million in cash . The deal would bring brands like Jai Alai IPA, Florida Man IPA, Wild Basin Hard Seltzer and others to the Monster beverage portfolio.
Boston Beer Company – Shares of the alcoholic beverage company fell 8.1% a day after the brewer cut its full-year profit outlook, citing high costs from supply chain issues and waning growth in its Truly brand of hard seltzer.
Walt Disney Co – Shares of Disney fell 2.2% after Guggenheim downgraded the stock to neutral from buy, citing slowing earnings growth in streaming and parks. The company also lowered its price target on Disney to $ 165 from $ 205.
Sherwin-Williams – The paint company saw its shares tumble 2.8% after slashing its full-year guidance, citing supply chain issues it says 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 fell 1.7% after Morgan Stanley downgraded the restaurant chain’s 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 is likely to normalize after experiencing benefits. substantial amounts of Covid (and stimulus) in 20/21, ”Morgan Stanley said.
– CNBC’s Yun Li and Hannah Miao contributed reporting