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See the companies making headlines at midday. Tesla – Shares of the electric vehicle maker fell more than 7% after its robotaxi event disappointed investors. Analysts at Morgan Stanley noted that the event “broadly disappointed expectations” due to a lack of detail in several areas, including how the company will compete with ride-hailing companies, such as Lyft and Uber. . Shares of these names surged after the event, both up about 10%. Wells Fargo – The stock gained 6% after the San Francisco-based lender reported better-than-expected earnings. Third-quarter adjusted earnings came in at $1.52 per share, beating the $1.28 per share expected by analysts surveyed by LSEG. Revenue, however, came in at $20.37 billion, slightly below the consensus estimate of $20.42 billion. JPMorgan Chase – Shares jumped 4.7% after JPMorgan, the largest U.S. bank, reported third-quarter results that beat earnings and revenue estimates. The company generated more interest income than expected and said its profits fell 2% from a year earlier, while revenue rose 6%. Symbotic – Shares rose 6%, extending gains seen in the previous session. Robotic technology company Symbotic surged more than 18% on Thursday after announcing a deal with Walmex – also known as Walmart de México y Centroamérica – to deploy multiple warehouse automation systems in two of the company’s locations. retailer. Fastenal – The industrial stock rose more than 8% after the company reported better-than-expected third-quarter results. For the period, Fastenal reported profit of 52 cents per share on revenue of $1.91 billion. Analysts polled by FactSet expected 51 cents per share on revenue of $1.90 billion. Affirm – Shares rose 10% after Wells Fargo reclassified the stock from equal weight to overweight. The investment firm forecasts growing profitability for the Buy Now, Pay Later company, citing its partnership with Apple Pay and a lower interest rate environment as growth catalysts. Bank of America – The stock rose nearly 5% despite Warren Buffett’s Berkshire Hathaway reducing its stake in the bank to less than 10%, which is the threshold that requires frequent disclosure. Late Thursday, Buffett announced the sale of more than 9.5 million shares in a filing with the Securities and Exchange Commission, bringing his current stake to approximately 9.987%. Stellantis – The stock fell more than 2%. The automaker has announced major shakeups within the company. CFO Natalie Knight is leaving the company and Doug Ostermann will take over. Stellantis also confirmed that it is already looking for a replacement for CEO Carlos Tavares, who will retire in early 2026. BlackRock – Shares climbed 2.8% after the asset manager beat analysts’ expectations for the third quarter in terms of results and results. BlackRock reported adjusted earnings of $11.46 per share on $5.20 billion in revenue, while analysts surveyed by LSEG expected $10.33 per share on $5.01 billion in revenue. business. Kinder Morgan – Energy infrastructure stock rose 3% on the heels of Bank of America’s upgrade to buy from neutral. The bank said Kinder Morgan was in “growth mode” after stabilizing its core business. Ferrari – The luxury auto stock jumped nearly 3% following a neutral overweighting by JPMorgan. The company expressed optimism about Ferrari’s development of electric vehicles and its resilience in the face of China’s economic slowdown. Bank of New York Mellon – Bank shares fell 1%, even after the company released a better-than-expected quarterly report. BNY reported adjusted earnings per share of $1.52 on revenue of $4.65 billion, with fee and non-interest income increasing year over year. Analysts polled by LSEG expected earnings per share of $1.42 on revenue of $4.54 billion. — CNBC’s Alex Harring, Lisa Kailai Han, Pia Singh, Hakyung Kim, Jesse Pound and Michelle Fox contributed reporting.
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