Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market. Harnessing the power of Bloomberg Data.
Speaker 1: Let's take a look at some stocks on the move today.
Speaker 1: I'm Nathan Hager, joined by Bloomberg's Valerie ty Tel on
Speaker 1: the kickoff of big bank earning season. Valerie, let's start
Speaker 1: off with JP Morgan Chase, because it seems like investors
Speaker 1: are trying to work through how they feel about these results.
Speaker 2: Good morning, Good morning, Nathan.
Speaker 3: Yes, the market is still digesting these JP Morgan earnings.
Speaker 3: The share price has been all over the place, up
Speaker 3: as much as one point three down as much as
Speaker 3: one point one percent. But at the moment we are
Speaker 3: down three tenths of one percent, and this comes after
Speaker 3: a broadly strong earnings release. They bolsted their full year
Speaker 3: net interest income guidance. They also had some pretty strong
Speaker 3: trading revenue beats in both equities, coming in at three
Speaker 3: point three billion versus estimates of just north of three billion,
Speaker 3: and fixed income also a beat there, coming at five
Speaker 3: point six billion versus estimates of five point three billion.
Speaker 3: Investment banking revenue also came higher than anticipated. They did, however,
Speaker 3: book some slightly stronger provisions for credit losses, so that
Speaker 3: came higher than expected, and that's a particular focus after
Speaker 3: the bankruptcies have Tricolor and First Brands. Diamond also having
Speaker 3: some decent things to say on the US economy, saying
Speaker 3: things remained generally resilient. That's critical here as we're in
Speaker 3: a data vacuum when it comes to data on the
Speaker 3: US economy. But he did warn of heightened degree of
Speaker 3: uncertainty and says he does see some signs of softening,
Speaker 3: particularly when it comes to job growth. So JP Morgan
Speaker 3: investors still digesting this report. Shares are down seven tens
Speaker 3: of one percent.
Speaker 1: Yeah, I thought you just said they were up three tens.
Speaker 1: But in any case, let's move on to the other
Speaker 1: bank that reported so far this morning. There seems to
Speaker 1: be a little more conviction around Wells Fargo's results, a.
Speaker 3: Bit more positivity around Wells Fargo. Shares are up one
Speaker 3: point seven percent. They boosted a key profitability metric, and
Speaker 3: that comes after the Fed's asset cap has finally been
Speaker 3: removed after our near seven years. They raised their return
Speaker 3: on tangible common equity also known as ROTCE to seventeen
Speaker 3: to eighteen percent versus previous guidance of fifteen percent. Their
Speaker 3: net interest income came in slightly light, but they did
Speaker 3: confirm full year guidance on a net interest income for
Speaker 3: the full year twenty twenty five. Provisions for loan losses
Speaker 3: came in lighter than expected, and deal making revenue coming
Speaker 3: in strong.
Speaker 1: And we also got some news this morning from General Motors.
Speaker 1: Maybe not the news investors wanted to hear today.
Speaker 3: Yeah, this one's a bit disappointing from General Motors. Shares
Speaker 3: are down two point four percent. General Motors is realizing
Speaker 3: a one point six billion dollar charge as it realigns
Speaker 3: its product range away from evs. It expects the adoption
Speaker 3: rate of evs to slow, and this follows recent policy
Speaker 3: changes including the end of EV tax incentives and the
Speaker 3: reduction of stringency of a mission regulations. The company is
Speaker 3: reassessing its EV capacity and manufacturing footprint in that space,
Speaker 3: and that begins with realizing this loss of one point
Speaker 3: six billion. With GM shares down two point four percent.
Speaker 1: And just time Valerie to move back to earnings. But
Speaker 1: not just the banks, Big Pizza is reporting as well.
Speaker 3: You did hear from Domino's. The shares are of three
Speaker 3: and a half percent. Some decent sales numbers here through
Speaker 3: US franchise particularly strong, especially for stuff crufts stuffed crust pizza,
Speaker 3: shall I say, in the US. There's also some other
Speaker 3: pizza companies in the news. Papa John's the stock rows
Speaker 3: around ten percent yesterday. It's up another two and a
Speaker 3: half and this is on the back of a report
Speaker 3: that Papa John's has received an offer from Apollo Global
Speaker 3: Management at sixty four dollars a share. Comes after speculation
Speaker 3: has been rife in this stock, as shares of down
Speaker 3: sixty five percent from their twenty twenty five high.
Speaker 2: This stock mover's report from Bloomberg Radio. Check back with
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