Stocks rallied Tuesday following bank earnings and after U.S. retail sales rose less than expected.
These stocks were making moves:
Charles Schwab
(ticker: SCHW) reported second-quarter adjusted earnings of 75 cents a share on revenue of $4.66 billion, higher than profit of 71 cents and revenue of $4.61 billion that analysts had estimated. The stock rose 13%.
Morgan Stanley
(MS) was up 6.5% after the investment bank posted profit that slid 12% year over year to $2.2 billion, or $1.24 a share, on $13.5 billion in revenue. Analysts surveyed by FactSet projected earnings of $1.20 a share on $13 billion in revenue.
Bank of America
‘s (BAC) second-quarter profit increased by 19% year over year to $7.4 billion, or 88 cents a share, topping expectations of analysts surveyed by FactSet who forecast profit of $6.9 billion, or 84 cents. Revenue climbed 11% to $25.2 billion, slightly higher than forecasts of $25 billion. An increase in net interest income was one main driver of profit gains. The stock rose 4.5%.
Citigroup
(C) was up 1.7%, rising along with other banks. The stock also was upgraded to Buy from Hold at Odeon Capital.
Bank of New York Mellon
(BK) rose 4.1% after the bank posted better-than-expected second-quarter earnings as net interest revenue soared 33%.
PNC Financial
(PNC) was up 2.6%, even after the regional bank posted second-quarter revenue of $5.29 billion, missing Wall Street’s forecast of $5.45 billion.
Masimo
(MASI), the hospital-equipment maker, tumbled 20% after saying it expects second-quarter sales of $453 million to $457 million, well below analysts’ forecasts of $553 million. Among other factors,
Masimo
pointed to large orders that were pushed back to the second half of the year. The company said it was “taking actions to reduce costs in the second half” of 2023.
FB Financial
(FBK) rose 6.7% after the parent company of FirstBank posted second-quarter earnings late Monday of 77 cents a share, topping estimates of 65 cents.
American depositary receipts of
Novartis
(NVS) rose 4.6% after the Swiss pharmaceutical company raised its full-year outlook and announced a buyback of $15 billion.
AT&T
(T) dropped 0.7% and
Verizon Wireless
(VZ) gained 2.5%, after the telecom titans said they would start testing sites for possible lead contamination.
UnitedHealth Group
(UNH) gained 3.3% after the healthcare provider was upgraded to Outperform from Market Perform at Bernstein.
Write to Joe Woelfel at [email protected]
Read the full article here
