Movers: Bank of America, Citigroup, Delta, Goldman Sachs, JPMorgan, UnitedHealth, Wells Fargo, Wipro

Scott Peters
13 Jan, 2023
New York City

Bank of America Corp declined 1.5% to $33.95 after the bank reported nearly flat earnings. 

BofA said fourth quarter revenue rose 11% to $24.5 billion and net income edged up to $7.1 billion from $7.0 billion and diluted earnings per share increased to 85 cents from 82 cents a year ago.

Citigroup fell 0.6% to $48.81 after the bank increased reserves to cover loan losses. 

Citigroup said fourth quarter revenue increased 6% to $18 billion and net income fell to $2.5 billion from $3.2 billion and earnings per share decreased to $1.16 from $1.46 a year ago.

JPMorgan Chase & Company increased 0.2% to $139.80 after the bank reported higher-than-expected revenue and earnings. 

JPMorgan said fourth quarter revenue rose 18% to $34.5 billion and net income increased 6% to $11 billion or $3.57 a diluted share.

Wells Fargo declined 1.9% to $42.07 after the bank reported a plunge in earnings and the bank set aside higher reserves for credit losses and higher settlement costs linked to mortgage loan practices. 

Wells Fargo fourth quarter revenue declined 6% to $19.6 billion and net income plunged 57% to $2.8 billion from $5.7 billion and earnings per share fell to 67 cents from $1.38 a year ago.

Wipro Ltd declined 2% to $4.76 after the tech services providers from India reported weaker-than-expected earnings. 

Wipro Ltd said December quarter revenue rose 14.4% to ?23,200 crore and net income increased 2.8% to ?3,050 crore or ?5.57 a share. 

Attrition rate for the last twelve months fell to 21.2% in the December quarter from 23% in the previous quarter.

Delta Air Lines, Inc dropped 4.5% to $37.98 despite the airline reporting better-than-expected quarterly results. 

December quarter revenue increased 17% to $13.4 billion but net income decreased 25% to $828 million from $1.1 billion and diluted earnings per share fell to $1.29 from $1.71 a year ago. 

The weak revenue guidance in the first quarter disappointed some investors.  

The airline estimated first quarter 2023 revenue to increase between 14% and 17% of the corresponding period in 2019, operating margin between 4% and 6% and earnings per share between 15 cents and 40 cents. 

Goldman Sachs increased 0.8% to $372.90 after the financial services provider said in a regulatory filing it plans to reorganize its operations to three business units focused on banking and financial markets, asset and wealth management and consumer services.

The company also said its recent push in consumer financial services has cost more than $3 billion between 2021 and September 2022.   

UnitedHealth Group Inc increased 0.2% to $496.85 after the health insurance company said fourth quarter 2022 revenue increased to $82.8 billion from $73.7 billion a year ago. 

Net income increased to $4.7 billion from $4.1 billion and diluted earnings per share rose to $5.03 from $4.26 a year ago. 

The medical care ratio at 82.0% for full year 2022 and 82.8% for the fourth quarter was consistent with the company