Midday movers: big bank earnings, Delta Air Lines, Tesla and more
By Liz Moyer
Investing.com -- Stocks were wobbling on Friday as investors took in earnings reports from big banks that talked about an economic slowdown. Here are the midday movers for Jan. 13.
- Big banks reported mixed results, with investment banking revenue bogged down by the deal-making slump. JPMorgan Chase & Co (NYSE: JPM ) shares rose 2.4% and the bank said it sees the chance of a mild recession coming. Citigroup Inc (NYSE: C ) shares rose 1.8% after profit fell. Wells Fargo & Company (NYSE: WFC ) shares rose 1.9% despite missing revenue expectations.
- Delta Air Lines Inc (NYSE: DAL ) stock fell 4% after the carrier reported better than expected results and forecast revenue gains of 15% to 20% this year. Labor costs rose. Delta offered pilots a 34% pay raise.
Tesla Inc (NASDAQ: TSLA ) stock was down 2.4% after the electric vehicle maker cut the price of some Model 3 and Y vehicles in the U.S., to a point where some buyers may qualify for tax rebates. Guggenheim downgraded its rating to sell. Other auto maker shares also fell on Friday, including Ford Motor Company (NYSE: F ), down 6%.
Virgin Galactic Holdings Inc (NYSE: SPCE ) shares rose 13.7% after it said its commercial space business was "on track" to launch in the second quarter. It also announced management changes aimed at helping it increase flight frequency and execute "on rapid fleet development plans."
UnitedHealth Group Incorporated (NYSE: UNH ) stock was up 0.9% after it posted mostly upbeat quarterly results and said it expects its UnitedHealthcare U.S. business to add another million customers over the next year, after adding 1.2M last year.
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