Stock Groups

JPMorgan, Wynn Resorts and more

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Spencer Platt | Getty Images

These are the headline-grabbing companies in midday trading.

Casino stocks — Las Vegas SandsAnd Wynn ResortsAfter the Macau government stated that six casinos would be allowed, their shares rose more than 11% & 7% respectively. Licenses of the current operators – which include Wynn Macau, Sands China and MGM China – are set to expire this year. MGM Resorts shares fell slightly.

JPMorgan Chase — Shares of the major bank fell more than 5%, dragging down the major equity averages. After the bank. posted its smallest quarterly earnings beatFast two years later, the Chief Financial Officer of the lender lowered his guidance regarding companywide returns. Jeremy Barnum, the chief financial officer of the lender’s subsidiary, said that there were “headwinds” from higher costs and lower 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. A $875 Million reserve release by the bank, that it had established during the pandemic as a safeguard from widespread loan loss, was a major factor in the results.

Citigroup — Citi shares lost 2.5% despite the company reporting a beat on quarterly earnings and revenue. However, net income was reported by the bank for the quarter. dropped 26% to $3.2 billionCiting an increase in costs, they said “Yes.”

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. However, the earnings forecasts were met and the company’s assets under management increased to more than $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. This deal will bring Monster brands like Jai Alai IPA and Florida Man IPA to its 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 stockTo neutralize from Buy, due to slowing profit growth at streaming and parks. Also, the firm reduced its Disney price target to $165 instead of $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 stated that demand remains strong in many of its markets.

Domino’s Pizza — Shares of Domino’s Pizza slid 2.8% after Morgan Stanley downgraded the restaurant chain stockThis rating is for an equivalent weight. Morgan Stanley stated that DPZ still embodies the qualities of a long-term growth compounder. However, there is limited reason for multiple expansion. Especially since DPZ will probably be able to maintain its sales growth after receiving substantial Covid (and stimulant) benefits in 20/21.

 — CNBC’s Yun Li and Hannah Miao contributed reporting

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