The following are leading stock gainers and decliners on Friday:
Gainers:
JPMorgan Chase shares JPM, +6.99% jumped 7% to lead S&P 500 gainers as the nation’s biggest bank reported first-quarter earnings that were handily above expectations. It did highlight “significant sources of uncertainty,” including the repricing of deposits, whether the economic landing is hard or soft, and the policy choices from the Federal Reserve on quantitative tightening, the path of interest rates and its reverse repo operations.
Wells Fargo shares WFC, -0.38% added 0.5% as the bank also beat earnings expectations.
Citigroup Inc.‘s stock C, +4.46% was up 3.8% after the bank reported a higher first-quarter profit that beat analyst estimates.
Bank of America BAC, +3.03%, which reports next week, rose in sympathy and was last up 2.8%.
BlackRock Inc.’s stock BLK, +2.77% was up 2.6% after its first-quarter earnings beat Wall Street analyst estimates, although its profit and assets under management fell.
VF Corp. shares VFC, +3.23% rose 3% on reports Goldman Sachs upgraded the maker of The North Face and Timberland clothing.
Decliners:
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Boeing’s stock BA, -5.66% slumped 6% after the company halted deliveries of its 737 MAX jet. Shares of Spirit AeroSystems SPR, -19.75%, which makes the Max fuselage, tumbled 12%.
UnitedHealth Group Inc.’s stock UNH, -2.42% surrendered early gains to trade down 2.8%. The health insurer posted better-than-expected first-quarter earnings and raised its guidance. Mizuho said the weakness in the stock was due to a decrease in day claims payable, or DCP, and commentary on Q2 seasonality from the earnings call.
Catalent Inc.’s stock CTLT, -27.09% tumbled 25% to lead S&P 500 decliners after the drug manufacturer issued a profit warning for its fiscal third quarter and said its finance head has left, rattling investor confidence.
PNC Financial Services stock PNC, -1.85% fell 1.7% even after the Pittsburgh lender reported rising earnings and deposits and said its capital ratio improved.
Tesla Inc.’s stock TSLA, -1.32% fell 1.8% after a Reuters report that the electric vehicle company has expanded its recent price cuts to some European countries, including Germany and France, and others such as Israel, Reuters reported Friday, adding to concerns about the electric-vehicle maker’s profit margins ahead of quarterly earnings.
Cannabis company Curaleaf Holdings Inc.’s stock CURLF, -7.64% tumbled 8% toward a record low after the New Jersey Cannabis Regulatory Commission (CRC Board) to deny the renewal of the Massachusetts-based company’s cultivation and retail licenses for adult use. The company plans to appeal.
U.S.-listed shares of Infosys Ltd. INFY, -1.98% fell 1.7% to extend Thursday’s selloff and were headed toward a fresh 2 1/2-year low Friday, in the wake of the India-based digital services and consulting company’s disappointing quarterly results. J.P. Morgan analyst Ankur Rudra reiterated his neutral rating, saying the “very disappointing” results were “much weaker than we thought was possible.”
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