Citigroup Inc (NYSE:C), up 2.6% in premarket at $42.60, reported better-than-expected third quarter revenue driven by growth in its Institutional Clients Group and US Personal Banking divisions. In the third quarter, the bank posted net income of $3.55 billion, or $1.63 per diluted share, on revenues of $20.14 billion. Read more
JP Morgan Chase & Co (NYSE:JPM), up 0.9% at $147.13, reported a 35% increase in net income, as the largest US bank by assets continues to benefit from higher interest rates and lower-than-normal loan losses.
In the third quarter, the bank reported a 22% jump in revenue to $40.69 billion from $33.49 billion the year before while net income, including a $1.1 billion contribution from First Republic, climbed 35% to $13.15 billion from $9.78 billion before. Read more
Wells Fargo & Company (NYSE:WFC) shares moved higher before the opening bell on Friday, up 2.7% at $40.81, after the bank posted an earnings beat for the third quarter.
For the three months ended September 30, 2023, the bank reported revenue of $20.9 billion, up 7% from $19.6 billion in the year-ago quarter and ahead of the Street's expectation of $20.2 billion. Read more
Chinese online retail giant JD.com Inc (NASDAQ:JD), down 4.3% to $26.63, continues to plummet on the Hong Kong Stock Exchange after hitting an all-time low this week after Wall Street turned bearish on the stock.
Amid the market rout, rumours have circulated regarding the arrest of company chairman Richard Liu, though nothing has been confirmed. Read more
BlackRock Inc (NYSE:BLK), down 1.9% to $624.00, reported a jump in revenue and assets under management despite what the firm called “market uncertainty,” although both missed Street expectations.
The New York wealth management company reported in the three months ended September a 14% increase in assets under management (AUM) to $9.10 trillion from $7.96 trillion including $307 billion of net inflows, positive across ETFs, active, and cash management. Read more
Microsoft Corporation (NASDAQ:MSFT), down 0.05% to $330.98, revised US$69 billion deal to buy video games maker Activision Blizzard Inc (NASDAQ:ATVI) (Activision Blizzard Inc (NASDAQ:ATVI)) has been given the green light by the UK competition watchdog.
The UK regulator said its final investigation had been completed of what it called a “narrower transaction”, with the deal including a concession that will see Ubisoft, instead of the US company, buy the rights to Activision’s existing games – such as its massive Call of Duty and Candy Crush franchises – stored in the cloud and any produced over the next 15 years. Read more
UnitedHealth Group Inc (NYSE:UNH), up 1% at $530.65, reported third-quarter revenue and earnings that beat analysts’ expectations, sending its shares higher in Friday pre-market trading.
The Minnesota-based healthcare and wellbeing giant said growth over the three months to September 30, 2023, was driven by more people using its services, as well as a broader offering, as it raised its full-year outlook. Read more
Dollar General Corp. (NYSE:DG), up 7.5% at $109.50, as the discount retailer announced the return of Todd Vasos as its chief executive officer, effective immediately.
Vasos, who previously served as boss from June 2015 to November 2022, will resume his position "for the foreseeable future", according to the company. Read more
Cassava Sciences Inc, down 25% at $13.05, denied data manipulation after a probe into conduct over its Alzheimer’s drug research was leaked yesterday, sending its shares into a spiral. The company’s share price on NASDAQ dropped 29.30% on pre-market trades to a nadir of US$8.25 before settling by 20:00 local time, after closing at US$17.56 yesterday.
It said in a statement that an internal report by one of its collaborators, the City University of New York, which was leaked to Science journal, “makes no findings of data manipulation”. Read more