Pedestrians pass in front of a JPMorgan & Chase bank branch automated teller machine (ATM) kiosk in downtown Chicago, Illinois.
Christopher Dilts | Bloomberg | Getty Images
Check out the companies making headlines in midday trading.
JPMorgan Chase – Shares of JPMorgan Chase sunk 3.49% and hit a 52-week low after the bank reported quarterly earnings that missed analyst expectations, as the bank built reserves for bad loans. CEO Jamie Dimon said that high inflation, waning consumer confidence and geopolitical tension are likely to hurt the global economy going forward. The bank also announced it would temporarily suspend share buybacks.
Goldman Sachs – Shares of Goldman Sachs fell 2.95% following disappointing earnings from JPMorgan and Morgan Stanley. The bank is scheduled to report its own quarterly earnings on Monday.
Conagra Brands – The food stock sank 7.25% after Conagra’s quarterly results revealed the company’s sales volume declined. In other words, revenue growth came from sales mix and price increases. Conagra’s earnings and revenue for the previous quarter came in close to analyst expectations.
First Republic Bank — Shares rose 1.77% after the bank reported earnings that surpassed expectations on the top and bottom lines. First Republic Bank posted earnings of $2.16 per share on revenue of $1.5 billion. Analysts were expecting earnings of $2.09 per share on revenue of $1.47 billion, according to consensus estimates from FactSet.
Cisco – Shares of Cisco fell nearly 1% after JPMorgan downgraded the stock to neutral from outperform. The bank also recommended investors rotate into a “more diversified supplier” such as rival Juniper Networks.
Costco – Shares of retailer Costco jumped 4% after Deutsche Bank upgraded the stock to buy and increasing its price target to $575 from $525. Deutsche said Costco is “is one of the most consistent operators in our group, and its steady traffic gains and high membership renewal rates serve as key differentiators in an increasingly uncertain backdrop.”
— CNBC’s Sarah Min and Jesse Pound contributed reporting
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