Morgan Stanley, Citigroup, Plug Power: What to watch out for on the stock market today

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WSJ.com: Markets

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.


Photo:

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.

Write to Anna Hirtenstein at anna.hirtenstein@wsj.com

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