Updated October 14, 2021 9:40 a.m. ET
Wall Street indices opened higher amid a wave of earnings reports, including from major banks. Here’s what’s going on in trading on Thursday.
Morgan Stanley MS 2.48%
saw revenue growth in almost all major business areas, including record sales in the consulting business.
Wells Fargo WFC -1.61%
reported a 59% increase in earnings in the third quarter, helped by the release of funds it earmarked for potential loan defaults during the pandemic. Revenue fell 2% but was still above analyst estimates.
Bank of America BAC 4.47%
reported earnings per share that exceeded analyst estimates. The bank released $ 1.1 billion of its reserves in the third quarter, citing improvements in asset quality.
City group C 0.77%
saw a significant increase in earnings per share and a 48% increase in net income. The bank’s CEO said the recovery from the pandemic will build consumer confidence.
- The Wall Street Journal reported that Boeing BA -1.96%
is investigating a new defect on its 787 Dreamliner, the latest in a series of production downtimes that delayed aircraft deliveries and were being scrutinized.
- Domino’s Pizza had sales and sales in the same store in the US that fell short of expectations.
UnitedHealth UNH 4.17%
the earnings forecast for the full year has been raised. The growth in sales can be attributed to higher insurance memberships.
- Some employees of the agricultural machinery manufacturer Deere went on strike for higher wages.
Walgreens Boots Alliance WBA 7.43%
a jump in earnings and earnings per share that exceeded Wall Street estimates.
- Shares in United Parcel Service UPS 4.00%
rose after a stock research analyst at Stifel raised its price target and rating for the stock.
- Fuel cell company Plug Power PLUG -5.30%
said it would work with Airbus EADSY 0.15%
to investigate the feasibility of making green hydrogen available for airplanes and airports.
A Plug Power hydrogen delivery truck.
Plug-in power supply
Lordstown Motors RIDE -1.72%
has hired a new chief financial officer following the electric truck startup’s recent liquidity problems.
- Online furniture retailer Wayfair W 2.82%
Jefferies and Morgan Stanley’s stock has been downgraded by stock research analysts.
- Aluminum manufacturer Alcoa AA 0.41%
‘s stocks rose as aluminum prices rose. The company should also publish its profits after the market has closed.
Chart of the day
- Not allowing Hong Kong or Singapore before, SPACs sponsored by Asian investors flocked to the US to raise funds. According to Dealogic, 35 such SPACs have raised a total of $ 6.8 billion from going public on American stock exchanges since early last year. That could change as Asian financial centers advance their plans to allow SPAC listings.
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