Stocks making the biggest moves midday: Frontier Group, JPMorgan, Apple, Stellantis, BlackRock and more
Check out the companies making headlines in midday trading. Frontier Group — Shares dropped 5.6% after the airline cut its first-quarter outlook and pulled its full-year outlook, citing weaker-than-expected demand and economic uncertainty. Stellantis — Stellantis shares dipped about 0.5% after the company said its global shipments fell to 1.2 million vehicles in the first quarter, representing a year-over-year decline of 9%. The drop was primarily due to lower North American production, extended holiday downtime in January, product transitions and lower van sales in Europe, Stellantis said in a press release. JPMorgan — The stock advanced 4% following the bank’s revenue beat for the first quarter . JPMorgan reported revenue of $46.01 billion for the quarter, while analysts surveyed by LSEG had penciled in $44.11 billion. CEO Jamie Dimon also cautioned that the U.S. economy is facing “considerable turbulence.” Morgan Stanley — The bank stock rose 1.4% despite posting first-quarter results that exceeded analysts’ expectations . Morgan Stanley earned $2.60 per share on revenue of $17.74 billion, while analysts surveyed by LSEG had forecasted earnings of $2.20 per share and revenue of $16.58 billion. Wells Fargo — Shares shed nearly 1% after the bank’s first-quarter earnings saw a 16% increase compared with the prior-year period. Revenue, however, missed analysts’ expectations, with Wells Fargo posting $20.15 billion compared with the consensus estimate of $20.75 billion, per LSEG. BlackRock — Shares of the asset manager rose 2.3% after first-quarter earnings topped expectations. BlackRock reported $11.30 in adjusted earnings per share, above the $10.14 projected by analysts, according to LSEG. The firm’s CEO, Larry Fink, did tell CNBC on Friday that the U.S. economy may already be in a recession. Gold producers — Shares of Barrick Gold and Newmont Corp . rallied 7% and 7.9%, respectively, as spot gold hit new all-time highs amid the ongoing market volatility. UBS also upgraded Newmont shares to buy from neutral, citing the improving backdrop for the metal. Apple — Apple shares jumped about 4%, notching a roughly 5.2% week-to-date gain after the iPhone maker raked in significant losses this month due to China tariff concerns. Given escalating levies, analysts estimate that Apple could be forced to significantly increase its prices on iPhones sold to the U.S. from China, where it makes the majority of its smartphones. MicroStrategy — Shares of the bitcoin proxy, which does business as Strategy, jumped nearly 10.2% as the price of bitcoin climbed on Friday. — CNBC’s Jesse Pound, Lisa Han, Alex Harring, Yun Li and Sean Conlon contributed reporting.
