JPMorgan Chase, Gap, VMWare & more
People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City.
Mike Segar | Reuters
These are the headline-grabbing companies in midday trading.
JPMorgan Chase – JPMorgan rose 7% after the bank said it expects to reach key return targets sooner than planned thanks to rising interest rates giving its lending business a boost. The top gainers were other banks as well. Citibank of America and Bank of America each received a boost of 6%, while Wells Fargo gained 5%. Higher rates can lead to higher profit margins for banks.
StarbucksAfter the release of this report, the shares in the international coffee chain increased slightly. company said it will exit the Russian market amid the country’s invasion of Ukraine, joining companies like McDonald’s, Exxon Mobil and British American Tobacco in withdrawing from the country completely. Starbucks operates 130 Russian locations, accounting for less than 1 percent of its annual revenues.
Gap — Shares fell 3% after Gap was downgraded by Citi along with a string of other apparel companiesAccording to Abercrombie and Fitch and Children’s Place’s, last week’s earnings should be a “wake up call” for retailers. Fitch and Abercrombie shares fell almost 2% and Children’s Place shares fell 4%.
Electronic Arts — Shares of Electronic Arts added 1.8% on news that it’s seeking a sale or merger. According to reports, Walt Disney, Apple, and Amazon met with the maker of video games.
Eli Lilly — Eli Lilly’s stock added 1% as SVB Securities said the drugmaker’s diabetes drug is “game-changing”This could lead to greater stock gains.
VMWare – The cloud stock surged more than 20% after multiple reports said VMWare is in advanced talksTo be purchased by chipmaker Broadcom. Broadcom shares dipped 2.7%.
Autodesk — Autodesk shares fell 4.7% after Deutsche Bank downgraded the software company to hold from buy and cut its price target. Deutsche said that Autodesk’s first quarter results are expected to be mixed.
Emergent BioSolutions — Emergent BioSolutions jumped 9.8% as the life sciences company makes a smallpox vaccine that can be used to prevent spreading monkeypox.
Porch Group — Shares of the home services company gained 2.7% after JPMorgan initiated coverage with an overweight ratingPorch Group’s business-to-business strategy is what differentiates it, according to the company.
— CNBC’s Tanaya Macheel, Yun Li, Hannah Miao and Sarah Min contributed reporting