Check out the companies making headlines in midday trading: Tesla — Shares of the electric vehicle maker tumbled nearly 9% after its robotaxi event underwhelmed investors . Morgan Stanley analysts noted that the event “overall disappointed expectations” due to a lack of details in several areas, including how the company is going to compete against ride-sharing companies, such as Lyft and Uber . Shares of those names jumped following the event, with Lyft surging more than 9% and Uber gaining nearly 11%. Wells Fargo — The stock gained more than 5% after the San Francisco-based lender reported better-than-expected profits . Third-quarter adjusted earnings were $1.52 per share, topping the $1.28 per share expected from analysts polled by LSEG. Revenue, however, came in at $20.37 billion, slightly below the $20.42 billion consensus estimate. JPMorgan Chase — Shares jumped more than 4% after JPMorgan, the biggest American bank, posted third-quarter results that beat estimates for profit and revenue. The company generated more interest income than expected, and said profit fell 2% from a year earlier while revenue climbed 6%. Symbotic — Shares rose 8.8%, extending the gains seen in the previous session. On Thursday, robotics tech company Symbotic popped more than 18% after announcing a deal with Walmex — also known as Walmart de México y Centroamérica — to deploy multiple warehouse automation systems in two of the retailer’s locations. Fastenal — The industrial stock advanced nearly 10% after the company reported third-quarter results that beat expectations. For the period, Fastenal posted earnings of 52 cents per share on $1.91 billion in revenue. Analysts polled by FactSet had expected 51 cents per share on revenue of $1.90 billion. Affirm — Shares moved around 12% higher after Wells Fargo upgraded the stock to overweight from equal weight. The investment firm sees increasing profitability ahead for the buy now, pay later company, citing its partnership with Apple Pay and a lower interest rate environment as catalysts for growth. Bank of America — The stock rose about 5% despite Warren Buffett’s Berkshire Hathaway cutting its stake in the bank to below 10% , which is the threshold that requires frequent disclosure. On Thursday evening, Buffett disclosed the sale of more than 9.5 million shares in a U.S. Securities and Exchange Commission filing, which brings his current stake to about 9.987%. Stellantis — The stock fell more than 2%. The automaker announced major shake-ups at the company . Finance chief Natalie Knight is leaving the company, and Doug Ostermann will take the spot. Stellantis also confirmed that it is already looking for a replacement for CEO Carlos Tavares, who is retiring in early 2026. BlackRock — Shares climbed more than 3% after the asset manager beat analysts’ third-quarter expectations on the top and bottom lines. BlackRock posted adjusted earnings of $11.46 per share on $5.20 billion of revenue, while analysts polled by LSEG were expecting $10.33 per share on $5.01 billion of revenue. Kinder Morgan — The energy infrastructure stock advanced more than 4% on the heels of Bank of America’s upgrade to buy from neutral. The bank said Kinder Morgan is in “growth mode” after stabilizing its base business. Ferrari — The luxury auto stock jumped about 3.5% following an upgrade to overweight from neutral by JPMorgan. The firm cited optimism about Ferrari’s electric vehicle development and resilience to China’s softening economy. Bank of New York Mellon — The bank stock dropped 0.4%, even after the company issued a stronger-than-expected quarterly report. BNY reported $1.52 in adjusted earnings per share on $4.65 billion of revenue, with both fee revenue and non-interest income growing year over year. Analysts surveyed by LSEG were expecting $1.42 in earnings per share on $4.54 billion of revenue. — CNBC’s Alex Harring, Lisa Kailai Han, Pia Singh, Hakyung Kim, Jesse Pound and Michelle Fox contributed reporting.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
